Reconciling accounts is a good business practice and provides a better understanding of true cash position. Reconciling on a monthly basis using monthly statements is recommended. If the reconcile process is started but not finished, the system will save the progress that was made so reconciling can be completed at a later date.
- Navigate to the Accounts page and click the ID for the account to be reconciled.
- Click Reconcile in the left-side menu.
- Click Statement Date [Edit] to update the statement date.
- Enter the Statement Date for the reconcile, and then click Save.
- Click Statement Balance [Edit] to update the statement balance.
- Enter the Ending Balance shown on the statement, and then click Save.
- Check the box next to each unreconciled transaction until the Difference is zero.
- Click reconcile.
If the Trial Balance is different than the Statement Balance, the account will not reconcile. The trial balance is the expected account balance, based on the previous statement.
Multi-Currency Accounts contains additional information about the reconciliation differences for accounts with foreign currencies defined.