Reconciling the bank

When you have manually entered bank transactions, you will need to manually reconcile the bank.

Why is this important?

By ensuring that the bank balance on the portal matches your company’s actual bank balance, it will ensure that all transactions are included in the portal and therefore your data is correct.

If the bank balance is different, then there will be a discrepancy that needs to be identified and resolved.

How to reconcile the bank

On the 'Banking tab', it shows the running bank total in the yellow bank balance box against the statement balance. These two figures need to match and this will ensure that your portal is correct.

Click on the 'Unreconciled' tab

This will list all the transactions that are unreconciled. Tick these off to the company bank statements to ensure they are included and if they are, tick the box on the left hand side next to the transaction.

Once all boxes have been ticked and verified that they do appear on the company bank statement, click the Summary Options.

Choose 'Select All' and then 'Reconcile Selected' from the drop down menu and confirm by clicking the blue 'Mark Selected as Reconciled' button.

 

If the balances match, the portal will let you know this is the case.

If there is something wrong and the balances do not match, the portal will also show this.

If unclear, please speak with your accountant.