Bank Reconciliation 

When you reconcile your bank account, you compare your accounting records against the records provided by your bank.  A monthly reconciliation helps you to identify any unusual transactions that might be caused by accounting errors or fraud, and the practice can help you spot inefficiencies.

To begin a new reconciliation, go to the Bank reconciliation page on the left navigation panel.

Click Reconcile bank account.

Click Choose to select the bank account you are going to be reconciling.

Enter the ending date of the bank statement you received from your financial institution, and the ending balance of that statement.  This information will be used to compare the information in Accounting.

The transactions that appear will be limited to transactions posted to that chosen bank account, on or before the date of the bank statement, excluding any items that were reconciled previously.  Begin by comparing the transactions that appear on your bank statement to the transactions that appear on your screen.  As a transaction on your bank statement matches what you see on screen, check the box to clear it, and mark on your bank statement that it was matched (pencil works best, as it can be erased if needed).

As you begin checking items off, the difference at the bottom of the screen will change.  The goal of your reconciliation is to get the difference to $0.00.  This would show that your bank account is in balance with your financial institution’s records.

If you need to stop and work on your reconciliation later, click Save & continue later, and you will be able to come back to your reconciliation to complete it at another time.

If you need to stop and add a missing transaction while in the middle of your reconciliation, you can do so with the New transaction button in the upper left.

If you need to access a transaction on the page to adjust some details, you can do so by clicking the hyperlink on the left-hand side.

To access the bank reconciliation to continue it afterwards, click anywhere on the line of the In Progress reconciliation. 

Once your difference has reached $0.00, you can click Done to record your reconciliation.

After recording a bank reconciliation, you can print the report by clicking anywhere on the line of the reconciliation. 

A tabbed report will open, showing the reconciliation of the bank account with all cleared and uncleared transactions.  Click Print at the top right to print the report.

Last updated on October 27, 2023 by FCC AgExpert