This article relates to the My Digital Application
With so many payments leaving the company bank account to pay contractors, it can sometimes be difficult to see exactly which payments have left your accounts. The net wages reconciliation tool gives the user the ability to reconcile line-for-line the postings on the Net wages ledger with bank transactions, making it a useful tool for umbrella companies to make sure everyone is receiving the payments exactly as per their payroll.
Accessing the Net Wages Reconciliation Screen
The image below displays the banking screen. Once you have selected outgoing payments that you want to match, select “Bulk Net Wages Payments” and click on the green “match” button.
Once matched with net wages, a green success message will appear.
You will now see that your selected bank transactions are showing in Allocated Not Matched Status, as indicated by the green exclamation icon. You can then click on the pound icon under Action to access the net wages reconciliation screen, or click on the Net Wages button at the top of the screen.
The Net wages reconciliation screen looks like the one below. You also have the option to add more transaction to the net wages account by clicking on the “add Transactions Button” and you can unallocate transactions from net wages by clicking on the yellow purple arrow at the end of the row.
This is where the system will use logic to try and match the payrolls to the bank transactions. To understand how the soft logic applies, see net wages matching logic. Across the top of the screen are 5 summary boxes, each of these can be defined as follows:
This is the value of the transactions which have been able to be “Soft Matched” in the system. | |
This is the value of transactions allocated to the net wages account that have been unable to be soft matched. | |
Net Wages Processed | This is the total sum of payrolls run in the system that is yet to be matched with an outgoing bank transaction. |
Net Wages Paid out | This is the sum of bank transactions allocated to the net wages account that is yet to be matched to payroll in the system |
Balance | This is the difference between Net Wages processed and net wages paid out. If this figure is positive it indicated that more payrolls have been run than payments allocated to net wages. If this figure is negative, this indicates that more payments have been allocated to Net wages than payrolls run. |
Starting the Soft match algorithm
To start matching the transactions and complete the reconciliation, click on “Matched” in the white toolbar at the top of the screen. You will then see the message below.
Click on the green “Process” button. You will then see below. Depending on the number of transactions you are trying to match, this could take a few minutes to complete the soft matching.
Once the soft matching has been completed, you will see the soft matched transactions. The transactions will have been split into two lists, those which could be soft matched using the algorithm and those which couldn’t.
There are 3 places to match your transactions, the Soft Matched transactions, the Not Matched transactions, and manual matching which can be used when you need to partially match up transactions. In the top right you can see there is a count under Soft matched and Not Matched so you know exactly how many transactions are in each section. You can switch between the three screens by selecting the checkboxes.
Learn how to complete the process using Soft Match and Not matched by clicking the buttons below.