Do I need an API connection to reconcile FACTS?

No. A CSV export from FACTS is enough to reconcile; an API connection mainly saves the export step.

Why do FACTS and my bank deposits never match exactly?

Settlement timing, fees netted from deposits, and returned payments are the usual causes. Reconcile for a full period and list the timing items so they can be checked off next month.

Should reconciling items be written off?

Not until you know what they are. Timing differences clear on their own; fees, returns, and mapping errors need entries. Anything still unexplained after a full cycle should be escalated to your reviewer.

How to reconcile FACTS to QuickBooks

Tuition is usually the largest revenue line at a private school, and it passes through a tuition management system before it reaches the bank and the general ledger. Reconciling FACTS to QuickBooks each month proves that what families paid, what landed in the bank, and what you recorded as revenue all agree.

What you are comparing

You are tying three things together for the same date range: the payments and charges reported by FACTS, the deposits that arrived in your bank account, and the tuition revenue, receivable, and deferred revenue balances in QuickBooks.

Pull the FACTS reports for exactly the period you are closing, and use the same cutoff dates in all three places. Most reconciliation headaches come from mismatched date ranges.

Step by step

Export the FACTS transaction or payment report for the period as a CSV or spreadsheet.
Total the FACTS payments by category, such as tuition, fees, and other charges, so you can compare like with like.
Find the matching bank deposits and compare the total received to the FACTS total, allowing for the settlement lag between a payment being initiated and the cash arriving.
Compare the tuition revenue, receivable, and deferred tuition accounts in QuickBooks to the FACTS totals and to the school’s billing for the period.
List every difference, assign a cause to each, and decide whether it needs a correcting entry or is simply timing that will clear next month.
Save the reconciliation with its support and have a second person review and sign off.

Common reasons the totals do not match

Timing. Payments initiated near month-end often settle in the bank days later, so they fall in different periods.
Fees. If fees are netted from deposits rather than billed separately, the deposit will be smaller than the gross payments. Record the fee as an expense.
Returns and refunds. Returned or reversed payments and refunds reduce cash and need matching entries.
Discounts and financial aid. Tuition discounts and aid are normally recorded as reductions of revenue, not as missing cash.
Deferred tuition. Cash received for a future month belongs in deferred revenue until the month it covers.
Mapping differences. A charge category in FACTS may be mapped to a different income account than you expect in QuickBooks.

Where Balncr fits

Balncr accepts FACTS exports as a CSV upload, removes student names and other personal information before any AI processing, compares the FACTS total to your tuition revenue account for the period, and lists the variances with likely causes for you to review. See the FACTS integration page for the details.

Frequently asked questions

Do I need an API connection to reconcile FACTS?: No. A CSV export from FACTS is enough to reconcile; an API connection mainly saves the export step.
Why do FACTS and my bank deposits never match exactly?: Settlement timing, fees netted from deposits, and returned payments are the usual causes. Reconcile for a full period and list the timing items so they can be checked off next month.
Should reconciling items be written off?: Not until you know what they are. Timing differences clear on their own; fees, returns, and mapping errors need entries. Anything still unexplained after a full cycle should be escalated to your reviewer.