Reconciliation (Professional package only)

Reconciliation and Invoice Management is available in the professional and enterprice versions of Feezily.
Often the professional version is only an incremental cost above the standard or advanced packages.
Contact us for professional pricing - you will likely be surprised by how little it costs to upgrade!

Types of invoices

Feezily supports the generation and tracking of a variety of invoice types.

The types of invoices RIM supports are:

Invoices for receivable accounts

Provider invoices (provider RCTIs) generated automatically from the processing of each provider statement
Client invoices raised for advice fees to be paid directly by the client

Invoice for payable accounts

Corporate Authorized Representative (CAR) RCTIs (Recipient Created Tax Invoice) generated for CARs/advisers which include fees earnt during a given period plus any AFSL fees charged (automatically calculated using Feezily's powerful, inbuilt fee calculator)

Reconciliation

Feezily provides a variety of reconciliation methods that makes the process of reconciling bank receipts easy.
It performs matching of payment references and amounts to unreconciled invoices for accounts that match the payment reference and the amounts that match or are close to the bank receipt amount.

Reconciliation state of provider statements/invoices

After uploading a provider statement the 'Reconcile' column will show an orange icon meaning that the provider statement/invoice has not yet been reconciled.
Statements that have already been reconciled will show a green tick in the Reconcile column.

Reconciling from within the statements panel

If you have uploaded your bank statement for the current period (via the 'Bank statements' tab) then when you click the orange icon Feezily will attempt to find an unreconciled bank receipt with the best match for that invoice and pop up a window that will show you the bank receipt details and ask you to confirm that you wish to match to that bank receipt.

Reconciling from the the Reconciliation panel

If a good match can't be found by the above method you can visit the dedicated Reconciliation panel by clicking the large 'Reconciliation' button.

Auto match a group of bank receipts

Feezily has an 'auto match' reconciliation feature that will automatically reconcile all bank receipts that have an match with a score that is greater than 95% confidence. Click the auto match button to perform auto matching:

Match individual bank receipts

The operation of each of the buttons in the reconcilation panel is detailed below:

Reconcile by Invoice

Clicking on the reconcile by invoice (see icon above) a form will pop up with a list of invoices that are currently not yet reconciled. Decide which invoice you wish to reconcile against and then click the corresponding reconcilation button in the right hand column then click OK.

Viewing reconciliations

Another way of saying that a bank receipt has been 'reconciled' is 'funds have been allocated'.
It is possible to allocate the funds from a single bank receipt to multiple invoices.
It is also possible for a single invoice to have funds allocated from multiple bank receipts - for example if a client , who pays directly. paid via two separate internet banking transfers.

Viewing the allocations

Sometimes it is useful to see how the funds from a bank receipt were allocated.

The most convenient place to view the bank receipts is from within the Suspense account's transactions panel:

Click 'Accounts' button in the submenu of the reconciliation panel
Select the tab labeled 'Suspense (receipts)'
Click the icon in the 'Transactions' column

You will then see a list of transactions similar to that shown below. A combination of "Bank Receipts" and Allocation transactions.

For the 'Bank receipt' transactions:

A green icon indicates that the bank receipt has been fully allocated (i.e. no available amount left to allocate)
An orange icon indicates that the bank receipt has not been allocated at all or has not been fully allocated (i.e. there are still some available funds to be allocated from it).

You can click on the icon in the reconciliation column to view the allocations of a bank receipt. The panel that pops up also displays the amount remaining for allocation - which will be 0.00 if the bank receipt has already been fully reconciled/allocated:

Removing/Unposting statements

You can effectively delete/unpost a provider statement/associated provider invoice by moving a statement to a non period based batch:

If you move a statement from a period based batch (e.g. Week 'n') to a non period based batch (e.g. 'Deleted statements') then it will unpost any invoice associated with it.
If you move between two period based batches then it will unpost from the source period and then repost in the target period.

Note:

If you have already reconciled the provider statement by allocating a bank receipt to it then you must first delete the allocation transaction via:

Accounts > Suspense (Receipts)
Click the Transactions icon for the 'Suspense - receipts' account.
Find the appropriate transaction starting with "Allocation ..." and click the delete icon (trash can) to delete it.

AFSL bank account structures

Feezily works with your existing financial structures and so supports common AFSL internal bank account structure scenarios.

An AFSL can be configured to support either of the following bank account structures

a single AFSL bank account that receives all bank receipts for any payments to the AFSL
an AFSL bank account to receive product provider payments PLUS a separate ASFL bank account for each CAR to receive each CAR's direct revenue client payments.

BPay payment option on invoices

It is possible to generate invoices with BPay payment options.
This is configured on a 'per CAR' basis and the licensee must be configured for "Dedicated internal CAR bank accounts".

The BPay logo and customer reference will appear in an invoice if:

The BPay biller code has been configured for the CAR

otherwise no BPay logo will appear.

The BPay biller code is configured via:

Click "Configuration" button
Go to CARs tab
Select the appropriate CAR
Go to the section marked: "Internal BPay Payee Details"
Click the "Change..." button
Enter the BPay biller code

When a CAR has a BPay biller code then Feezily will prompt you when creating an invoice if the client does not have a Client Reference number configured and force you to enter the client's reference number before proceeding.

Invoice customization

Feezily supports the generation of invoices raised for Fee for Advice services to be paid directly by the client receiving the advice. The other way advice fees are paid is indirectly via product providers.
The invoices are generated using a template that specifies the layout and styling. Feezily supports a number of templates and we can customize these as required.

CAR Logo

Most invoice templates include a section that contains the CAR's logo.
The logo which will be used when generating a given CAR's invoices can be configured.

Please note: Feezily support staff can configure CAR logos on your behalf. Simply email us the logo and we can do this configuration for you if you do not feel comfortable performing the following steps yourself.

How to configure a CAR logo

The logo needs to be uploaded to the appropriate folder in the Administration > Media panel.
The name of the logo file does not matter but there must be only one logo image in any 'logo' folder.

The folder to upload a CAR's logo image to in the Media manager is of the form:

AFSL/IDofAFSL/CAR/IDofCAR/logo

Where:

IDofAFSL = the ID* of the AFSL
IDofCAR = the ID* of the CAR

In the Media manager, create the folders as specified above, if they do not already exist, by using the '+' button in the folder section on the left to create new folders.

AFSL Logo

Most invoice templates include a section that contains the AFSL's logo.
The AFSL logo which will be used when generating its CAR invoices can be configured.

Please note: Feezily support staff can configure AFSL logos on your behalf. Simply email us the logo and we can do this configuration for you if you do not feel comfortable performing the following steps yourself.

How to configure a AFSL logo

The logo needs to be uploaded to the appropriate folder in the Administration > Media panel.
The name of the logo file does not matter but there must be only one logo image in any 'logo' folder.

The folder to upload an AFSL's logo image to in the Media manager is of the form:

AFSL/IDofAFSL/logo

Where:

IDofAFSL = the ID* of the AFSL

In the Media manager, create the folders as specified above, if they do not already exist, by using the '+' button in the folder section on the left to create new folders.

*Finding the ID of a AFSL or CAR
The ID of an AFSL or CAR is its name with all spaces and punctuation characters removed and all letters converted to lower case.
For example:

The ID for a CAR with the name O'Reilly Financial would be oreillyfinancial