How do I reconcile my accounting?

The reconciliation helps to make sure that the transactions you have in your account match what is listed on your bank statement to identify and resolve any discrepancies between these two sets of records. Bank reconciliation is a great way to find typos, missing and duplicate transactions that could lead to inaccurate reports.

With automatic bank reconciliation, transactions from your bank account will feed into your account and can be matched with the manually entered transactions that were automatically recorded or entered manually. Currently, only manual matching is available.

Please note!
You will need to set up online payments and add at least one bank account to use this feature.

In the left navigation menu, choose Accounting and then click on the Reconciliation sub-page to open it:

Please note!
This tool is available starting from the Pro Plan.

Click + New Reconciliation. Select the entity and bank account, enter the start date of the period you want to reconcile. Click Continue.

Please note!
If you do not see the needed bank account, re-add it using the instant verification method.

If you have manually recorded the payments in the system, the tool offers to associate these payments with the bank account. Choose the transactions by putting a checkmark on it and click “Associate&Continue”.

After the system pulls the data, the list of transactions from the bank statement in the selected period will be listed. If the statement and accounting balances are not the same, you can fix them. If both balances are the same, the accounting for that period is reconciled. The top bar indicates the number of transactions in a period you have matched with a transaction on your bank statement, and how many are left.

You can check the total amount of balances in the “Statement Balance” (bank statement transactions imported) and “Account Balance” (payments recorded in the system) columns. The “Difference” column shows you the discrepancy between them.

Review if all the transactions are accurately recorded. The “To review” tab shows all transactions that are needed to be matched or ignored. The transactions fall into the “Matched” and “Ignored” tabs respectively after you record them. You can also view “All” transactions.

To mark a transaction as matched, click the “Match” link next to it. As you match transactions, the progress bar at the top of the page updates.

Match link allows you to find the matching transaction and link those. If there are missing transactions, you can add them by clicking “Create a Payment”. Also, you can mark the payment as a transfer.

Please note!
If you have a reconciled period, and then add a transaction to that period, you would need to re-reconcile the account.

Select the matching transaction and click the match button. The software will offer you the transaction that is the most likely to be a match.

You can also match multiple transactions at once - simply select the needed date and amount ranges and apply:

To exclude the transaction from the list (personal non-related income or expense) - ignore it from the three dots menu. By adding a note, you can make it easier to distinguish the records:

If there are new statement records that need to be uploaded and matched, use the “Refresh feed” button:

From the “Actions” menu, you can associate payments (if any) and edit the report - change the refresh feed option from manual to automatic and vice versa; and choose the needed report start date:

We recommend using the reconciliation tool at least once a month to ensure your records are up to date.

This video might be useful:

Last updated: 
Jul. 1, 2024