Bank Statement Reconciliation in

Bank statement reconciliation is a process of matching statement lines from your bank account with the transactions you create in your account. automatically matches transactions in bank statement for transactions that already exist in user’s account. In case there are no transaction lines listed in the system, users can Create New transactions in order to reconcile with the bank statement. In order to import new transactions into your account follow these steps:

  • Go to Accounting & Finance
  • Click Bank Accounts section
  • Select a bank to import statement
  • Click Action menu and choose Import transactions
  • Before uploading statement save the file in .CSV  or .OFX format
  • Finally, upload the file into the system
Action menu. Import transactions

Once you have uploaded the bank statement, match statement data categories with those from the file and select date pattern  used in the file.

Matching columns

Once you have uploaded and saved the file in the system, the following pop-up window will appear where the matched transactions will have “Match” button.

Match button
Other transaction can be matched with the “Find and Match” function which allows to reconcile unmatched transactions by default. With this function, users can reconcile one bank transaction with the 2-3 systems’ transactions as some customers can pay 2 or 3 invoices at one time or in situations when a customer pays the bill after a few days, resulting in the bank statement with system transaction not to match by date, users could use the same functionality to match up the transactions. Moreover, in this pop-up window, users will be able to filter transactions by Amount more/less and give period.
Find and match

If some transactions are not recorded in the system, users can create a new transaction in order to reconcile with the bank statement. For creating new transactions click on Create New transactions, then fill the required fields and save it.

Create New Transactions

When you manage to match transactions, they would disappear from the transactions list. After you have reconciled all the transactions with the bank statement your Bank account balance in will be the same with the bank statement.