Use the bank reconcile option to match the bank transactions you entered with those on your bank statement. Reconciling these values ensures the bank balances and transactions are accurate.

Reconcile your bank account each time you receive a statement from your bank. Before reconciling, ensure you’ve entered all transactions up to the end of your bank statement. If you use an online banking system, import your bank statement.

 NOTE: You can’t reconcile Cash in Hand accounts. 

Reconciling a bank account

1. Go to Banking.
2. Select the bank account you want to reconcile.
3. Select Reconcile.
4. The bank activity shows your bank transactions. The system places a checkmark in the Reconciled column when you reconcile the transaction.
5. Enter the following information:
   • Statement Date: Enter the end date of the actual bank statement you’re reconciling
   • Statement End Balance: Enter the ending balance from the bank statement
   • Reference: Enter a reference for this reconciliation, such as the statement page number or date
6. Select Apply.

 NOTE: A previously started and saved bank reconciliation appears. To undo this reconciliation, go to the Interest and Charges menu and select Unreconcile All Entries. Change the statement date and end balance as required, then apply the changes.

Completing the Bank Reconciliation

1. To reconcile all transactions, on the Interest and Charges menu, select Reconcile All Entries.
2. To reconcile transactions one at a time, select the check box in the Reconciled column for each one.
3. To unreconcile a single transaction matched in error, clear the check box in the Reconciled column.
4. On the Interest and Charges menu, select Unreconcile All Entries to correct transactions matched in error.
5. To record bank interest or charges, select Interest and Charges, complete the relevant information, and then select Save.

As you reconcile transactions, the reconciled balance adjusts. Once you’ve reconciled all transactions, the reconciled balance matches the target balance, and the difference is zero. If the difference isn’t zero, refer to the troubleshooting steps below.

The starting balance is your last reconciled balance. Select Finish. If required, you can save the reconciliation and return to it later. To save the reconciliation, select Save for Later on the Finish menu. To print details of the reconciliation, select Print. Depending on your browser, the report opens in a new window or tab. You can print the report from your browser menu bar and then close the new window or tab.

 NOTE: You can print the reconciliation later by going to the bank account, clicking Reconciliations. Select the reconciliation in question, and click Print.

When you view the bank activity, a check mark appears against the transactions in the reconciled column. You can view details of this and previous reconciliations from the bank record by clicking Reconciliations.

If a transaction doesn’t appear in the bank reconciliation

The Bank Reconciliation page displays only reconciled transactions dated on or before the statement end date for the specified bank.

If a transaction doesn’t appear:

1. Check that you’ve entered the correct statement date. Only transactions up to and including this date are available to reconcile. If the date is incorrect, enter the correct date, select Apply, and check the transaction appears.
2. Verify whether you have already reconciled the transaction. Save the reconciliation you’ve done so far by clicking Save for Later on the Finish menu. On the Activity tab, use the Filters menu. Ensure the from and to date covers the transaction date and transactions appear on the list.
3. If a tick appears in the Reconciled column, you reconciled the transaction.
4. If the transaction doesn’t appear on the bank activity, check the from and to date are correct. It's possible you entered the transaction with a date outside the range. To ensure you haven't entered it with an incorrect date, try entering a date range. Use a from date in the past to a date in the future (for example, 01/01/2000 to 31/12/2020). If you enter the transaction with an incorrect date, save the reconciliation. Click Save for Later on the Finish menu. On the Activity tab, select the relevant transaction, change the date, and select Save.
5. If you still don't see the transaction, check your other bank accounts. Ensure you haven't entered it against a different account. If you have, delete the transaction and re-enter it using the correct account.
6. If you don't see the transaction against any of your other accounts, you haven't entered it. Enter all transactions up to your statement end date before reconciling your bank account.

If the difference isn’t zero

If you can’t reconcile the difference to 0:

1. Check the Statement End Balance is correct. If it isn’t, enter the correct amount, select Apply, and verify that the difference is now zero.
2. Ensure you’ve reconciled the correct transactions and missed none. If you’ve reconciled a transaction in error, clear the Reconciled check box.
3. Check the value of your reconciled transactions. If you enter a transaction with the incorrect value, clear the reconciled check box. Save the reconciliation you’ve done so far by clicking Save for Later on the Finish menu. Return to the bank activity and select the relevant transaction and change the value.
4. If you’re processing your first reconciliation, ensure your bank's opening balance is correct. Check this by going to the Settings menu, under Opening balances, select Bank Opening Balances. If the opening balance is incorrect, update it in the debit/credit field for the relevant bank account and select Save. Return to the reconciliation screen and verify that the difference is now zero.

Finding a list of completed reconciliations

• Select the specific bank account you’re seeking to view the completed reconciliations from. Next to "Activity" and "Addresses and Contacts," you’ll see "Reconciliation." Select reconciliation, and a list of completed reconciliations will appear for your view. You can double-select the completed reconciliation and print it as needed.