Reconciling accounts is a good business practice and provides a better understanding of your true cash position. Doing so on a monthly basis using your monthly statements is recommended. If you start the reconcile process but cannot finish it at that time, the system will save the progress you made so you can begin where you left off.
- Navigate to the Accounts page.
- Click the ID of 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 applicable, click Quick Voucher in the left-side menu to enter bank fees or adjustments directly from the bank reconciliation. The entry will appear on the bank reconciliation based on the Voucher/Check Date.
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.