Reconciliation is a form consisting of the following three tabs: Reconciliation of Incoming Transactions, Reconciliation of Outgoing Transactions and Uploaded Bank Statement Entries.
Reconciliation of incoming / outgoing bank transactions involves a search for transactions matching the entries and payments entered earlier manually.
- If a transaction is found with a matching payment/entry date and amount, or with a matching payment/entry date, amount and payment details, the user will be offered to reconcile the entry.
- If a transaction is found with a matching unpaid invoice amount and payment details, the user will be offered to enter and reconcile this payment.
- If no matches are found, you can enter and reconcile payments, bank charges, money transfers or manual entries with the bank statement data.
You can search records in uploaded bank statements lines by amounts (outgoing payments with a minus), payment details and periods.
This video shows how to import a bank statement and reconcile bank transactions
Additionally, with Auto Reconciliation feature, you can easily match most of your statement lines from your uploaded bank statements just in one click. Auto Reconciliation is available both for the manually uploaded bank transactions and automatic bank feeds. It saves users a lot of time, while making the process quick, reducing the manual effort and improving accuracy.