The reconciliation report will help you ensure you've posted and matched all the transactions as per your actual bank statement.
How to access the report
There are two ways to access a Bank Reconciliation page.
From the Banks tab, click Bank Reconciliation, then the relevant bank account.
From the Banks tab, click Bank Accounts. Click the relevant bank account, click the cog icon, then click Bank Reconciliation.
Before you reconcile
Before you reconcile your bank transactions, you need to make sure you've added all the transactions via the Bank Statement batches.
Therefore, the Bank Statement report must replicate the transactions exactly as they appear on the bank/financial account statement.
You can access the Bank Statement report from the Bank Reconciliation page by clicking the figure shown below:
Reconciliation Status
The reconciliation page will compare the Balance as per the Bank Statement batch against the General Ledger. It will also add any deposit or ignore any cheque that you posted but are still outstanding.
📎NOTE: The draft cheques and deposits won't show in the reconciliation page.
It will show two different status:
Reconciled: When the balance between the general Ledger and the Bank statement match.
Bank isn't reconciled: If there’s a discrepancy between the balances.
Why is the bank not reconciled?
You didn't match all the transactions yet
The following message will show if you need to match any transfer.
Note: There are currently unmatched transfers of xxxx.xx in this account. You will not be allowed to close the period while these remain unmatched. It may also cause problems reconciling the account.
In this case, you need to match the outstanding transfers with the other bank statement data.
You didn't post all the transactions yet
You need to post all the bank statement data on the account to be able to reconcile the bank. This means you need to code the missing lines to your ledger.
The transactions that need attention will appear in pink on the Bank Reconciliation page. You can access them directly from there:
Exporting
Click Export to Excel to export the on-screen results to Excel.