Banking & Reconciliation

• Accounting·Banking & Reconciliation

  How can tenants pay rent, and does it reconcile itself?

  Tenants pay three ways on Kompas: a pre-authorized debit agreement with automatic monthly rent payments, a one-time payment from a bank account or debit card, or an Interac e-Transfer sent to your auto-deposit address. Any payment made through the platform is reconciled automatically, so the rent invoice is settled, the tenant ledger updates and the deposit is matched without your team keying anything. That means less data entry on your end and receivable data you can actually rely on.

• Accounting·Banking & Reconciliation

  How does Kompas handle sales tax in provinces outside Quebec?

  There are three sales tax structures in Canada and Kompas supports all of them: federal only, a harmonized rate, or a federal rate plus a separate provincial rate. Quebec calls its provincial rate QST; other provinces call it PST. Only the rates differ by province — nothing else about the accounting is province-specific. An Alberta building charging GST and a Quebec building charging GST plus QST run through the same invoicing and appear in the same sales tax reconciliation report.

• Accounting·Banking & Reconciliation

  Does Kompas give me a sales tax reconciliation?

  Yes — Kompas produces a sales tax reconciliation report with both a summary and a detailed ledger of every sales tax relevant transaction across accounts receivable and accounts payable. The GST, QST or HST you charged commercial tenants and the tax you paid on supplier invoices sit in one report rather than being assembled from two separate exports. Recoverability designations set on the payable side flow through, so tax that is only partly recoverable is presented that way.

• Accounting·Banking & Reconciliation

  Is there a bank feed for my bank reconciliations?

  No — Kompas does not have an integrated bank feed today. What it does have is automatic reconciliation of everything the platform itself initiates: rent collected by pre-authorized debit or Interac e-Transfer, and vendor EFTs, all reconcile as of their settlement date with nobody matching them by hand. For the transactions Kompas did not initiate, a bank reconciliation flow compares your actual bank activity against system-posted transactions so you can clear the difference.

• Accounting·Banking & Reconciliation

  How am I supposed to do bank reconciliations without a bank feed?

  Kompas has a bank reconciliation flow that compares your actual bank transactions against the transactions posted in the system and lets you clear the difference interactively. Most of the work is already done before you start, because every payment the platform initiated is reconciled as of its settlement date. What remains is activity that happened outside Kompas — manual deposits, bank fees, direct debits — which you either match or post through a recurring journal entry.

• Accounting·Banking & Reconciliation

  Are there limits on which banks or how many bank accounts I can use?

  There are no limits on banking institutions in Kompas — credit unions included — and no cap on the number of bank accounts you connect. A Canadian account needs a transit number, an institution number and an account number; a US account needs SWIFT or ACH details. Payments are North America only, so an account held outside Canada or the United States cannot be used. A single Interac e-Transfer address can settle into all of your accounts across owners and entities.