Bank reconciliation verifies that the data on your bank statement matches your recorded journal entries. This verification process ensures the accuracy of recorded transactions and makes it possible to identify errors and omissions.
Bank reconciliation is not the same concept as matching. Matching makes it possible to combine movements in opposite directions. For example, matching is used to correctly assign the payment of invoices. This process allows you to have a clear overview of your debtors and creditors by associating payments received with invoices issued or payments made to invoices received.
Prerequisites
You have previously connected a bank account to a bank.
To reconcile entries:
- Access Bank accounts and cash.
Bank accounts and cash
- For the chosen account, activate Bank reconciliation.
- Display the transactions to be reconciled: select the period, the dates, fill in an amount if necessary.
You can also show transactions that were previously reconciled ( to ).
The list is separated into two parts, based on reconciliation status:- The part on the left displays the list of bank transactions.
- The part on the right displays the list of entries.
- Process the pending operations.
Processing banking transactions
This list is used to process banking transactions.
- Select the transaction to process ( ).
A journal entry screen will appear next to the banking transaction. The transaction process will differ if a related entry exists or not. - Process the transaction.
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