Bank Reconciliation
Match your bank statement transactions with the system to identify any discrepancies.
How bank reconciliation works
Go to Accounts → Bank Reconciliation. Select a bank account and enter the bank statement closing balance and statement date. The system shows all unreconciled entries in the system for that account.
Reconciling entries
Tick each entry that appears in the bank statement. As you tick, the reconciled balance adjusts. The goal is to reach a difference of zero between the system balance and the bank statement balance.
Unreconciled items
Common reasons for differences:
- Cheques issued but not yet presented to the bank
- Bank charges not yet recorded in the system
- Interest credited by the bank not yet recorded
For each unreconciled item, create the missing entry via a Journal or Payment voucher. The reconciliation statement can be printed for the audit record.