Get the lines ready first
A reconciliation compares what the bank says with what your books say on one date. Before you start, import the month's statement and match its lines, because an unmatched line cannot be ticked in the reconciliation.
- Import
- Match
- Tick
- Close
Start the reconciliation
Press Reconciliation on the account's card. Enter the Statement date and Statement balance exactly as they appear on the bank's latest statement, then press Start. An account can have only one open reconciliation, and the date must come after the last closed one.
An account's first reconciliation opens at zero. If you started importing part-way through the year, add a line with the earlier balance to your statement and match it to the opening entry, or a difference will remain.
Tick what appears on the statement
Press Tick all matched (3), or tick lines one by one in the table below. Then look at two figures:
- Difference (1): the statement balance less the opening balance and what is cleared. It must be zero.
- Difference against the books (2): compares the statement with your books after leaving out what has not been presented yet. It must also be zero.
Clear any difference
A difference usually comes from an unmatched line, an incomplete statement or a mistyped balance. Finish matching and come back. Under Not yet on the statement you will find entries in your books that the bank has not reached yet, such as an unpresented cheque or a deposit in transit. Check each one, because it may be a duplicate that should not be there.
Close the reconciliation
The green Close button works once Difference is zero. If items remain that are not on the statement, first tick I accept that the items above have not reached the statement yet. After closing, the card reads reconciled to with the date, and you can use Print statement. Closing needs the Close periods permission.
The acceptance is an accounting judgement, recorded with your name and the amounts, so do not tick it before checking the entries. Lines inside a closed reconciliation are frozen. To change them, use Reopen.
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