Bank Reconciliations Tutorials

Before you reconcile a bank account for the first time, complete the setup steps on Bank Reconciliations, where the module and its statuses are also explained. A transaction appears in a reconciliation if one side of its entry is posted to the selected bank account and it has an accounting status.

💡These tutorials explain how to create a bank reconciliation and set its entries to Complete or Pending.

How to Create a Bank Reconciliation#

1. Navigate to Bank.
   • Note: The module is named Bank; however, it might be renamed on the menu (e.g. to Bank Recon or Bank Import). It can be added to any Menu Group (e.g. Accounting).
2. Click New (button) and select one of the bank accounts listed under Bank Reconciliation.
3. Fill in the fields:
   1. Start = For the first bank reconciliation, select a date from the calendar. Otherwise, the day after the previous reconciliation ended is filled in automatically.
   2. End = Select the end date from the calendar.
   3. Bank = Enter the closing bank statement balance.
4. Click Save (button).
5. Click Actions (button) > Insert/Update Bank Transactions.
6. Check each entry against the corresponding entry on the bank statement.
   1. If they match, check the box.
   2. If the amounts differ:
      1. Right-click the entry and select Open Ledger on Right (or Open Ledger on Left to open it in the main panel).
      2. Edit the amount as needed.
         • Note: You probably need to change the transaction’s status to allow editing, and change it back to its previous status afterwards.
   3. If entries are missing, enter them as you would any other similar entry (e.g. Bank Charges can be recorded as a Bank Payment).
   4. Return to the bank reconciliation and click Actions (button) > Insert/Update Bank Transactions.
   5. Check the boxes next to the entries you edited or entered.
7. Once the variance is zero:
   1. Click Done (button) to update all the checked entries’ statuses.
   2. Change the reconciliation’s status in the header to Complete.

How to Change Entry (Item) Statuses to Complete#

1. From editing a bank reconciliation:
   • For a single entry: Right-click the entry and select Done.
   • For multiple entries: Check the boxes next to the entries and click Done (button) above the list of entries.

How to Change Entry (Item) Statuses to Pending#

1. Edit a bank reconciliation.
2. Right-click an entry and select Remove Item.
3. Click Actions (button) > Insert/Update Bank Transactions.
   • Note: The entry is added back with a Pending status.