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Reconcile an account

  • Last Created On Jul 07, 2023
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Reconciliation will help us check if there are any errors in the accounts.
  • Step 1. Go to Reconcile menu under the Accounting module in the left sidebar 

  • Step 2. From the Account dropdown, select the account you want to reconcile. -> Enter the Ending balance and Ending date 

  • Step 3. Click on the Start reconciling 

    • 1st position: Information of this comparison.
      • STATEMENT ENDING BALANCE: Closing balance
      • BEGINNING BALANCE: Opening balance
      • CLEARED BALANCE: The amount is calculated from: BEGINNING BALANCE - (PAYMENTS + DEPOSITS). DEPOSITS will be a negative number.
      • PAYMENTS: Total amount received (Calculated from selected transactions below)
      • DEPOSITS: Total Deposit (Calculated from selected transactions below)
    • 2nd position: Error compared to reality of this comparison.
      • Will be calculated from the PAYMENTS and DEPOSITS of the selected transactions. Check for errors from the ending balance.
      • If the error is zero, it means that this account is normal, no errors occur. If the error is non-zero, then we have to review it, maybe make an adjustment to be able to complete this comparison.
      • Adjust the ending balance so that the error is zero. For example, if the error is 1000, we can increase or decrease the ending balance by 1000 to end the reconciliation.
        To adjust Ending balance and Ending date, click Edit Info

        The system displays the popup as below, enter the Ending balance and Ending date and press Save
      • Add a journal entry to rebalance the balance. For example, if the error is 100, we can add an entry with the value 100 to balance the error.
    • 3rd position: List of transactions for reconciliation.
      • Transactions related to this account and within the reconciliation period will be displayed.
      • Once the transactions have been reconciled, the next reconciliation will not show up again.

  • Your selected transactions must match your statement. When they match, you'll have a difference of 0.00.

    Calculate function: When selecting the transactions below, press this button to recalculate the above parameters to see if there is any difference.

  • Step 5. If you need to finish now when your difference isn't 0.00 yet -> click on the Finish now

    Finish now function: Used to complete this reconciliation, If the balance is zero, then clicking will complete this reconciliation. If it is not balanced, it will allow to make adjustments. When you select a date and create an adjustment, a double entry will be created to rebalance the amount to zero.

    For example, the error is: 100, then a pair of double entries will be created so that the account is -100 so that the error is zero.Click Finish now🡪 display the popup below -> Enter the Adjustment date and click on the Add adjustment and finish

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