Linked bank account reconciliation

Is there a way to reconcile transactions with the linked bank account each month?

16 Likes

This should absolutely be a feature, especially for accounts where the automatic download feature doesn’t work.

5 Likes

This is a challenging request because Stessa imports transactions once from linked accounts, but then gives you total freedom to update, change, delete, etc. each line item. This is essential because many rental property owners do not have separate dedicated financial accounts for their properties. This flexibility means that subsequent reconciliation of account balances between Stessa and the financial account is not always possible.

It seems that a financial tool like Stessa should have a reconciliation tool. Perhaps the rental property owners that don’t have separate financial accounts for their properties wouldn’t be able to use it, but not having a reconciliation tool is a large hole for a system like Stessa.

7 Likes

I agree. I believe a reconciliation tool is crucial and the lack of one is a huge downside for Stessa.

5 Likes

I agree that there should be a way to reconcile an account, if so desired.

2 Likes

Hi Devin, that makes sense, and I understand the challenge to provide the flexibility to split downloaded transactions across properties and expense categories. However, there is currently no means to “anchor” the original downloaded bank transaction against the various splits. The split window ensures that the split amounts align; however, once that’s saved, each split can then be manually adjusted where it no longer matches the original amount. There isn’t any means to say, “Hey, your bank originally said $500 but you fat-fingered the splits and no longer reconcile back to bank.”

Other accounting software matches the downloaded transaction to the various expenses to ensure that the total of all splits ties back to the original bank transaction. So this could be implemented with transaction-level control or a month-end recon facility where you enter the statement balance and tie back all of the related items for that linked account.

1 Like

I would also love a way to just mark a transaction as cleared/checked/reconciled. I find myself going back over transactions I have already reconciled (just in case) b/c it is so hard to keep track.

4 Likes

This should be a top priority. A reconciliation feature is necessary for an accounting system and would definitely be appropriate here.

1 Like

I completly agree something about split needs to be organized; maybe in a way where its a drop down from a master amount. There’s no way to make sure you don’t change it after its been split. I’ve had to completly delete a section of my transactions and redo it because I got lost in all the splits.

1 Like

This is exactly what I’m looking for! I believe others are looking for a way to reconcile with a bank statement (which would also be helpful), but simply having a way to check it as “reviewed” is a critical time-saving tool.

3 Likes

Glad to see that I am not alone… I loved my first month with Stressa - but just received my bank statement and cannot figure out a way efficiently confirm that all transactions are in and reviewed (at least) and ideal would be a simply reconciliation process that those of us who have a dedicated bank account could use. I cant even figure out how to get a transaction list that shows totals (like bank transaction) rather than splits. Stressa split function is very usefull be need to have a way to display the total deposit or total loan or total payment to insurance… before it is split over all the properties. I am now creating the quickbooks company file that I was trying to avoid because I have to reconcile and cant figure out how to do it in Stressa… Please add this feature and charge me if you need to do so.

2 Likes

I really like Stessa! But reconciling is critical. I’m a very small landlord so for the time being I’m doing double entry using my existing QuickBooks while working to complete my Stessa property accounts. I could probably do the same thing with a simple Excel spreadsheet since I can export bank transactions as a CSV file, but I don’t want to do this for long.

Please implement reconciliation so we can all balance our bank accounts each month.

2 Likes

Devin, I think there are a couple of minor issues to be resolved re the CMA (see my posts a few minutes ago), but once those are taken care of, there really shouldn’t be any reason why anyone would mingle their real estate and personal accounts.
Matter of fact, I’m not sure why anyone would do that anyway – there are plenty of banks that offer free checking accounts. Separating business from personal is the most elemental form of responsible personal financial management.

Is this still in the works? It seems giving LLs the option to enter a beginning balance on a date they choose, then maintain it forward (connect bank accounts for automation) would allow for reconciliation… at least in part.