Handle Reconciliations

Reconciling your accounts helps ensure that the transactions in your system match your bank or credit card statements. This process allows you to spot errors, missing entries, duplicates, or any unexpected activity. Regularly reconciling accounts improves the accuracy of your financial reports and helps maintain clean books.

To handle a reconciliation:

1. Go to the Accounting section in the left menu and select the Reconciliation sub-tab.

2. Click the book icon under Actions for the account you want to reconcile.

1. In the Statement Balance section, enter the required details:

• Ending Balance Date: Select the closing date shown on your bank or card statement. This ensures the system compares the correct period.

• Ending Balance Amount: Enter the final balance exactly as it appears on the external statement. This number is the reference point for the entire reconciliation.

1. Click Next.

2. In the Reconcile section:

   • Optionally turn on the Cleared toggle for each transaction that appears on your bank or card statement.

   • Marking a transaction as cleared indicates that it has been confirmed with the bank.

   • Matching all transactions helps you verify that nothing is missing or duplicated.

   • After reviewing your list, click Next.

3. In the Confirm section, add a description to label this reconciliation (for example, “January 2025 Bank Reconciliation”).

   • You will also see a summary of essential totals:

     • Transactions Matched: Quantity of items that were successfully matched with the statement.

     • Statement Balance: The ending balance you entered earlier.

     • Previous Reconciled Balance: The ending balance from your last completed reconciliation.

     • Reconciled Balance: The balance from your cleared transactions.

     • Difference: The amount that still needs to be resolved. Ideally, this number should be 0 before you finish.

4. Click Finish to complete the reconciliation.

View Statements

To review your completed reconciliations:

1. Go to the History sub-tab.

2. Click on the name of any statement to open and view the detailed information. You will see the balances, dates, and matched transactions included in that reconciliation.

This is useful for audits, corrections, or historical reference.

Regular reconciliations keep your financial data clean, accurate, and trustworthy. By following these steps, you ensure your books reflect reality and stay ready for reporting at any time.

See also

To understand more about account configurations, you can check:

• Closing the Books: Learn how to set the lock date to prevent data changes, and tracking post-close adjustments.

• Set the Accounting Start Date: Learn how to set the date for data migration to ensure historical reports are accurate.