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  • Reconciling your bank accounts


 

 

Even if you use bank feeds to bring your bank account and credit card information into AccountRight, you still need to reconcile your accounts. Reconciling ensures that the bank account balances in your company file match your bank’s records.

If you're reconciling your bank account for the first time since you started using AccountRight, see Set up banking: Your first bank rec
To reconcile an account you receive bank feeds for
If the Bank Feeds window lists bank statement transactions that you've already reconciled, you can hide them. See Hiding bank feed transactions

Follow this procedure for banking accounts that you receive bank feeds for.

  1. In the Bank Feeds window (Banking command centre > Bank Feeds), check that you have received all bank feed transactions for the period you want to reconcile, and they have been matched and approved. For information, see About bank feeds.
  2. Click Reconcile. The Reconcile Accounts window appears.
     
  3. The Account, Closing Statement Balance and Bank Statement Date are filled in for you, based on the most recent information received in your bank feed. If your bank didn’t provide statement balance information, you will need to enter the balance and date you want to reconcile:
    • In the Closing Statement Balance field, type the closing balance that appears on the statement your bank sent you. If you're reconciling as at the end of the week or month, and your statement has transactions dated after that date, type the closing balance for the last day of the period you’re reconciling.
    • In the Bank Statement Date field, enter the closing date that appears on your bank statement and then press Tab. Only unreconciled transactions dated on or before that date will appear. If you are reconciling as at the end of a week or month, and your statement has transactions dated later, type the last day of the period you’re reconciling.
  4. Review the list of transactions. All bank feed transactions you've approved are marked as cleared. If there are uncleared transactions, mark them as cleared if they have appeared on your bank statement. This might be the case if, for example, you are performing a monthly reconciliation but you applied for bank feeds part way through the month.
  5. Click Reconcile. If your account is reconciled, you have the option of printing a confirmation report. You’ll need to click Reconcile again after printing the report. If you don’t want to print the report, click Reconcile to finish. If your account is out of balance, see Reconciliation problems.
To manually reconcile an account

Follow this procedure for banking accounts that you manually enter transactions into, that is, accounts that don’t have bank feeds, and accounts you don’t import bank statements for.

  1. Go to the Banking command centre and click Reconcile Accounts. The Reconcile Accounts window appears.
     
  2. In the Account field, enter the account you want to reconcile.
  3. In the Closing Statement Balance field, type the closing balance that appears on the statement your bank sent you. If you are reconciling as at the end of the week or month, and your statement has transactions dated after that date, type the closing balance for the last day of the period you’re reconciling.
  4. In the Bank Statement Date field, enter the closing date that appears on your bank statement and then press Tab. Only unreconciled transactions dated on or before that date will appear. If you are reconciling as at the end of a week or month, and your statement has transactions dated later, type the last day of the period you’re reconciling.
  5. For each entry on your bank statement, select the corresponding transaction by clicking in the select column ( ).
  6. If there are entries on the statement relating to bank charges or bank interest that do not appear among the transactions on the Reconcile Accounts window, you need to manually enter these transactions.
    1. Click Bank Entry. The Bank and Deposit Adjustments window appears.
       
    2. Fill in the appropriate transaction details and click Record. The Reconcile Accounts window reappears.
  7. Click Reconcile. If your account is reconciled, you have the option of printing a confirmation report. You’ll need to click Reconcile again after printing the report. If you don’t want to print the report, click Reconcile to finish. If your account is out of balance, see Reconciliation problems.
To reconcile by importing a bank statement

Follow this procedure for accounts that you download statement files for, from your financial institution’s online banking website.

  1. Download the statement file from your bank. Your bank’s website should provide instructions on how to download this file. The following file formats are supported: OFX, QFX, QIF and OFC.
  2. Go to the Banking command centre and click Reconcile Accounts. The Reconcile Accounts window appears.
     
  3. In the Account field, enter the account you want to reconcile.
  4. In the Closing Statement Balance field, type the closing balance that appears on the statement your bank sent you.
  5. In the Bank Statement Date field, enter the closing date that appears on your bank statement and then press Tab. Only unreconciled transactions dated on or before that date will appear.
  6. Click Get Statement. The Select a Bank Statement file window appears.
     
  7. Locate and select the statement file you downloaded in step 1.
  8. Click Open. The Get Statement window appears.
  9. Click OK. The statement transactions are automatically matched with the transactions in your company file using the cheque number, date and amount as the criteria for matching withdrawals and deposits.
  10. If the Unmatched Statement Transactions window appears, choose what you want to do for each unmatched transaction:
    • Match: If you've already entered a transaction that matches a statement transaction, select the statement transaction and click Match Transaction. In the Match Transaction window, select the transaction that you want to match and click Match.
    • Add: If you want to add the statement transaction to your company file, select it and click Add Transaction. The Spend Money window or the Receive Money window (depending on the type of transaction you're adding) appears. Enter the details of the transaction and record it.
  11. When you have finished matching and adding all statement transactions, click Done.The Reconcile Accounts window appears.
  12. Click Reconcile. If your account is reconciled, you have the option of printing a confirmation report. If you don’t want to print the report, click Reconcile to finish. If your account is out of balance, see Reconciliation problems