How to Use the Reconciliation Tab

Overview

The Reconciliation tab offers you the ability to verify that all activity from a bank account, credit card, or sale platform has been recorded in My Reseller Genie. This is done by creating "Reconciliations"  to organize the activity during a given time period and comparing the data in My Reseller Genie to a source of truth like a bank statement, credit card, or selling platform statement.

Organization

The tab is separated into two sections: "Sale Platforms" and "Bank Accounts & Credit Cards". The "Sale Platforms" section reflects all the selling platforms that you use and the "Bank Accounts & Credit Cards" section reflects all the sources of money you use to purchase things for your business.

Setting Up Sale Platforms and Bank Accounts/Credit Cards

To add a new account, click the "Add" button next to the "Sale Platforms" or "Bank Accounts & Credit Cards" section header.

"Sale Platforms", "Bank Accounts", and "Credit Cards" can all be added as a "Manual" or "Integrated" type. "Manual" means that the activity for that account will be added manually, while "Integrated" means that you will connect an integration to the account. Connecting an integration to an account means that the data pulled from that integration will be attributed to that account -- so make sure to stay consistent with how you connect integrations to "Sale Platforms", "Bank Accounts", and "Credit Cards".

When you create a new "Sale Platform" or "Bank Account", simultaneously, a general ledger account with a type of "Bank Account / Cash" will be created and tied to the "Sale Platform" or "Bank Account". Likewise, when you create a new "Credit Card", simultaneously, a general ledger account with a type of "Credit Card" will be created and tied to the "Sale Platform" or "Bank Account".

Removing/Deleting Sale Platforms and Bank Accounts/Credit Cards

You can't remove/delete "Sale Platforms", "Bank Accounts", or "Credit Cards". However, if you aren't using one any longer, you can hide it by going to the "Reconciliations" tab and clicking the "eye" icon on the account card. This will hide it from the list and also prevent it from appearing in the "Sale Platform", "Platforms Listed", and "Bank Account" fields on the forms in My Reseller Genie.

To restore an account as visible, click the "Click to view hidden accounts" text on the "Reconciliations" tab and click the "crossed out eye" icon.

Editing Sale Platforms and Bank Accounts/Credit Cards

The only edit you can perform on a "Sale Platform", "Bank Account", or "Credit Card" is to change it from a manual to an integrated type or vice versa.

Creating Your First Reconciliation

When an account hasn't been reconciled before, you'll see a "Start Reconciling" button in the account card and the balance will show as "Unreconciled". To start reconciling that account, click the "Start Reconciling" button. 

You'll be prompted to enter a beginning balance and a beginning date. This provides you the option to start reconciling that account at any point in time. If you want to start from the very beginning of the account, the beginning balance will be 0, and the beginning date will be whenever you first opened the account. 

However, this will likely be more time intensive than picking up the reconciliation at a more recent date. Your other option is to choose a point in time and set the beginning balance equal to the account balance and the beginning date equal to the date matching that account balance.

When you choose a point in time after the account was opened to start reconciling the account, a beginning balance journal entry will be made with one side crediting/debiting the general ledger account for the "Sale Platform"/"Bank Account"/"Credit Card" to match the balance you entered. The other side of the journal will do the opposite to the "Retained Earnings" general ledger account. The beginning balance journal entry can't be deleted or edited -- the one exception being, it can be changed by editing the beginning balance of the account.

Creating New Reconciliations

After your first reconciliation, new reconciliations can be created by clicking the "Reconcile New" button. This will prompt you to enter an "Ending Date" and "Ending Balance" -- the best place to get these values is from an account statement (bank/credit card/selling platform).

Once you create the reconciliation, MRG will look at all the activity that should appear on this reconciliation (activity dated after the last reconciliation and on or before the "Ending Date"). It will then add the net of this activity to the "Ending Balance" of the prior statement. If the total matches the "Ending Balance" for the reconciliation, you'll receive a success message confirming the reconciliation is complete.

However, if the activity in MRG doesn't line up with the ending balance, the "Manual Reconciliation" form will open. You can use this form together with an account statement to match the transactions in MRG with the transactions from the account. 

When you mark transactions as matched, you may notice some transactions are on separate lines, but appear to be connected because the match toggle is changed for all of the lines when one line is marked as matched/unmatched. This does mean that the transactions are connected -- the most common reason is for expenses that are part of a sale record (ex. transaction fees/shipping costs).

You can edit transactions on this page by double clicking the line, modifying the edit form, and clicking "Update".

Viewing/Editing Reconciliations

Reconciliations will appear as genie lamp icons in the account card. Gold lamps mean the reconciliation is complete, white lamps mean the reconciliation is incomplete.

Reconciliations can be edited by clicking on a lamp icon -- the ending balance can always be changed, but the ending date can only be changed if there are no future reconciliations.

Account Balance

Each account card with at least one reconciliation will display a "Balance". This value is showing the total balance of activity starting with the "Beginning Balance" and adding the net of all activity after the "Beginning Date" to that balance. So if your beginning balance was $100 on 1/2/25, and the net of all activity from 1/3/25 - today was $200, the "Balance" would show $300.

If you are reconciling your accounts, this will help to show how much money you have in each account at any given point in time.