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Bank reconcilation

Bank statement reconciliation is a process of verifying the amounts in bank statement with the company’ Cash account or vice versa. The benefit of this report is that will allow you to compare reports of bank with the reports of your company cash account in order to uncover any possible discrepancies. Sometimes there may be differences between your company cash account and Bank statement because you may write hundreds of checks each month and make several deposits. Some items appear in your Cash account in different months with the bank statement. In you can import your bank statements into the system and reconcile them with the company Cash account and even if your company Cash account does not have some transactions you can record a new transaction and reconcile it. For reconciling bank statement with your company Bank account in, follow these instructions.

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

Bank reconcilation

Once you have uploaded the bank statement, match headers with the system columns as shown in the second screenshot and do remember that date pattern should be the same with the file’s date you are importing into the system.

Bank reconcilation

Once you have uploaded the file, following pop-up window will appear with the transactions list where you can match transactions with the bank transactions, which already have been created in account or Create New Transaction.

Bank reconcilation

Further, when you click Find and Match you can select transactions to reconcile by ticking transaction line and clicking Reconcile. Moreover, in this pop-up window users will be able to filter transactions by Amount more/less and give period.

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

Bank reconcilation

After you have reconciled all the transactions with the bank statement your company Bank account balance at will be the same with the bank account balance in your Bank.

See also