Overview
Reconciliation of Rental Statements is now available using BGL SmartDocs. This integrated AI feature allows you to compare transactions recorded in entities to an uploaded Rental Statement while also allowing you to make adjustments, easily changing a consolidated property income/expense figure against the breakdown of all elements from the Rental Statement.
BGL SmartDocs will analyse the uploaded rental statement, extracting data including the following:
- Property Address
- Date Range
- Gross Rent
- Type of Expense
- Total amounts of Rent / Expenses
This will then be organised into a table comparing the statement to transactions already posted.
Instructions
To begin, upload a rental statement via one of the following options:
Note: Supported Rental Statements
SmartDocs currently supports statements where income and expenses are listed:
This includes:
- Monthly Rental Statements
- Year Rental Summaries
- Rental Statements with multiple properties.
Horizontal Rental statements are not currently supported for month-to-month figures, however, the team at BGL is looking to improve the functionality to support it in the future.
| Next from the Main Toolbar, go to Reports. |
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| Select Documents from the list. |
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1. Once the AI has identified and processed the document, click on the rental statement:
The Rental Statement Adjustment screen will display along with a preview of the document.
Note: Categorising and Sorting via BGL SmartDocs
When opening any document that has been analysed by BGL SmartDocs, the options to add a Financial Year and Tags are available. Additionally, clicking Add Folders will also allow you to categorise this document by selecting an appropriate document type or account.
Any details saved with these options will be conveniently carried over to the Workpapers screen.
2. Ensure the correct Property Code, Start Date, and End date are selected correctly.
3. SmartDocs will generate a predicted account code for all transactions recognised. If required, change these accounts to the correct Income/Expense account:
4. The Ledger and Statement amounts will display in a table. To adjust the ledger amounts, enter a negative or positive number into the "Adjustment" column:
- A total for these columns will display at the bottom of the page. The adjustment net amount needs to be $0 before you can post the adjustment journal.
5. If an income/expense account is not displayed, use the Add row button to add it to the table.
6. Finally, complete the reconciliation by adding a row that posts to a balancing account if required. Commonly used available accounts include:
- 68000/Sundry Debtors
- 88000/Sundry Creditors
- 60400/Bank Accounts
7. Once completed, click Post Adjustment Journal to post these adjustments.
This will post adjustments to the selected accounts with Credits and Debits equalling the positive and negative numbers added as adjustments respectively: