Ramp Banking's Recommended Book Close Workflow

This article helps guide finance teams on Ramp Banking through month-end book close process.

Before you begin, make sure you have configured Ramp Banking sync settings. Head to Accounting > Banking >Settings> Sync settings to map your Ramp accounts to their corresponding ERP GL accounts. See detailed instructions here. Note that you may also need to configure GL account mappings for Bill Pay.

To ensure accurate and timely reconciliation at month-end, we recommend the following steps:

1. Sync Ramp Checking Account transactions into your ERP

• From Accounting > Banking, select transaction(s) and click “Sync”. Note: Employee repayments and negative balance refunds require manual entries within your ERP system.

2. Export and upload bank feed to your ERP for transaction matching

• If you’d like to match transaction data using bank-side records, go to Banking > Overview , select the desired checking account, scroll down to the transfer table
• Click the calendar icon to filter for last month (or a specific time period), then click the rightmost download icon to export bank feed.
  • There is a separate bank feed for each Ramp Checking Account.
• Upload the file(s) into your ERP (see detailed instructions here). Bank feed reflects all movements in and out of your Ramp Checking Account. There is no bank feed for Ramp Investment Account yet, meaning dividends that are reinvested will not show up in the bank feed since they are not movements related to Ramp Checking Account. However, reinvested dividends are synced to your ERP in Step 1 and are represented in Ramp Investment Account monthly statements. Note: We are working on unlocking direct bank feed integrations for QuickBooks Online and NetSuite etc. Direct bank feed integration is now available for Sage, Acumatica and Zoho Books.

3. Use Ramp Banking Statements for reconciliation

• Download monthly statement(s) from Banking > Overview > Documents >Statements to ensure your ERP balances align with Ramp’s official records. This file is your official, immutable record of balance changes and can be used to tie out the GL at month-end.
  • There is a separate statement for each Ramp Checking Account and Ramp Investment Account.

For UCSV, download a CSV from Banking > Overview, select the desired checking account and filter for date range and customize CSV columns in the table, then click download button. You can then upload this into your ERP.