Bank Reconciliation

The reconciliation process involves comparing bank transactions entered in the system with those reflected on your actual bank statement. Keeping your bank accounts reconciled ensures bank transactions have been accurately entered in the system. Transactions generated from bank import processing are automatically marked as reconciled when created.

Navigate to the Banking tab. Click on the Transactions tab. Select the account that you wish to reconcile from the drop down list.

Reconcile a Bank Account

Click the Filter button and limit the list to match the same period on your bank statement that you are reconciling against. Click on the Reconcile button.

You will notice that the transactions which are already reconciled are selected by default.

Enter amounts in the Opening Balance and Closing Balance boxes as per your bank statement. Proceed to select the checkbox of each line item if it agrees with the amount on your bank statement.

  • Total Spent: The total outgoing amount of all the selected items.
  • Total Received: The total incoming amount of all the selected items.
  • Difference: [Opening Balance] less [Total Spent] plus [Total Received] less [Closing Balance]. In other words, the difference between the transactions entered in AccountsPortal and the values according to your bank statement. This value should be zero if all bank statement lines have been correctly entered as bank transactions.

Unreconcile Bank Transactions

Click the Filter button and limit the list to the transaction/s you wish to unreconcile. Click on the Reconcile button.

Ensure that only the relevant transactions are selected and then click the Unreconcile Selected button.

If you have selected more than one transaction, you will be prompted to confirm the action.

Notes

You will be unable to edit or change certain elements of the transaction once a bank transaction has been reconciled.

The Opening and Closing Balance amounts are for assistance only. There is no requirement to have the Difference equal to zero before saving the reconciliation.

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