Perform a bank reconciliation

Bank reconciliation is the process of making sure that the records held in your accounts match those held by your bank. It is typically carried out once a month but you can do this whenever you like, and as often as you like.

Before proceeding, make sure you have access to the relevant online or paper bank statement.

1. Select Bank then select Reconcile.

   

2. From Start Reconciliation, enter the date of your bank statement in End Date.

   The Start Date is either the date of your last reconciliation, or if this is the first time you have reconciled, will be the date entered in the Reconcile Date in bank settings.

   The Start Balance is the opening balance based on the balance the day before your Start Date.

3. Enter the End Balance which is the closing balance at the end of your statement date.

4. Select Start to begin the reconciliation.

   

5. The Reconcile Bank Account page shows following information:

   Running Balance – the total of the transactions selected so far.

   Left to clear – your end balance minus your running balance. This represents the difference between what you’ve selected from your statement so far.

   Start Date – the opening date of your statement.

   End date – the closing date of your statement.

   Start Balance – the opening balance on the start date.

   Target Balance – the balance you’ve entered from your statement.

   Total of ticked items – the net value of the items you have select so far.

   A list of transactions that can be compared with your online / paper statement is shown.

6. Select the checkbox next to each transaction that exactly matches the bank statement (both date and amount).

7. After you have selected all the transactions, the Left to clear balance should show £0.00. Select Save & Reconcile.

   The Save & Reconcile button is only enabled if the Left to clear balance is zero

   

8. If you are unable to complete the reconciliation, select On Hold to save your progress so far. You can resume the reconciliation later, by selecting Bank, Reconcile then Resume.

9. If needed, you can delete the reconciliation by selecting Delete. Any transactions marked as reconciled will be reset to unreconciled.