Reconcile your bank using the Funds Transfer Detail report
If you've set debits and credits to your bank account to show as consolidated for each day, then Bill.com makes up to two Automated Clearinghouse (ACH) debits per day to the bank account used for Payables in a Bill.com account. The debits are comprised of multiple bill payments.
Using accounting system we sync with
Using the information in the Funds Transfer Detail for Bill.com Payments, easily reconcile the Bill.com Money Out Clearing account by comparing payments made in Bill.com with the journal entries posted by the sync in the accounting system.
Access the Funds Transfer Detail for Bill.com Payments:
- Login to Bill.com
- Select Reports on the bottom of the navigation menu
- Select Funds Transfer Detail for Bill.com Payments
Using an accounting system that we don't sync with
Using the information in the Funds Transfer Detail for Bill.com Payments report, post transactions in any accounting system we don't have a direct integration with for the gross amount of all payments made on a particular date.
By recording the funds transfer, effectively zero out the transaction in the clearing account in the accounting system. This approach allows for easier bank reconciliation, as all transactions in the check register will match the bank statement. It also displays post-dated transactions, which improves cash flow management and enables the ability to easily see how the bill was paid when viewing a bill payment transaction via the account to which it was posted.