A workbench that lines your books up against an outside record. It shows you what agrees, what it thinks agrees, and what is left over on either side. It is not a form, so nothing is typed in and saved.
When to use it
- At month end, when your bank balance and the bank's balance differ and you have to explain why.
- When a customer or supplier disputes a balance and you need to see which entries only one of you has.
- When you have to show that the VAT register and the VAT accounts agree.
Before you start
- The accounts you want to reconcile must exist and carry posted entries.
- For a bank or party reconciliation you will want the other side's statement, though you can work without one (see below).
- You need read access to this screen.
Where to find it
Entry > Reconciliation.
The fields on this screen
How it works
- Choose what you are reconciling and set its scope: the bank account, the party accounts, or the maskebari year and VAT accounts. Then click Run. Running changes nothing; it only reads.
- The Match tab splits the result three ways: pairs matched automatically, pairs suggested for your review with a confidence score, and what is left unmatched on each side.
- Confirm selected is what makes a match stick. Confirmed pairs are remembered, so the next run starts where you left off instead of asking you again. Unmatch selected undoes one.
- When one entry on your side answers several on theirs (or the other way round), select the lines on both sides and click Match selected as group.
- Import statement loads the bank or party statement for the account you are reconciling and re-runs the match straight away, so the figures on screen always include the import. VAT has no import, because both sides are already in the system.
- When you have no file to import, select the entries the bank has honoured and mark them as seen in bank, giving the bank's date and amount. For a business that does not import a file every day, this is the only way a balance as per statement comes to exist. Marking a cheque this way also records that cheque as cleared on the cheque register.
- The Statement tab produces the reconciliation statement itself, as at a date or for a period.
Tips and common mistakes
- Import statement appears only when the scope names exactly one account. With three party accounts selected, the system cannot tell which account the statement belongs to, so the button hides itself. Narrow the scope and it comes back.
- Running on its own records nothing. If you close the screen without confirming, the same suggestions come back next time.
- A confidence score is a suggestion, not a verdict. Read the ones marked for review before you confirm them in a batch.