Reconcile Transactions

The bank register allows you to reconcile your bank or credit card account. This is helpful to keep your registers up to date and your balances aligned with your financial institutions. Regularly reconciling your accounts will help you minimize errors and keep your account balances aligned.

This article will guide you through the process of reconciling your bank or credit card accounts.

Article Overview

1. Overview
2. Reconcile the account
3. Clear or unclear a transaction (individually and bulk)
4. Un-reconcile a transaction

In-Depth Step-by-Step Guide

1. Overview
   Reconciling a bank account is the process of matching the balances of your bank register with your financial institution.  This seemingly simple task can be more complicated because some transactions initiate in your financial system before they show up in your bank account (like a check) and some initiate in your bank account first (like a debit card transaction or an ACH transfer).  Consequently, the two different balances often don’t match, so a reconcile process can help you make sure you’re tracking accurately and balancing even with “extra” or “missing” transactions.
   
   You can initiate the reconcile process in two ways.
   a. Reconcile from edit account - by clicking the more (triple dot) button on the right side of your bank widget, you will see the option to Reconcile.
   
   
   
   b. Reconcile button - you can initiate a reconcile by selecting the Reconcile button at the top of your register table and underneath your bank widget.
   
   
   
   
2. Reconcile the account
   a. Select bank - select a bank or credit card account to reconcile using the bank selector.
   b. Reconcile button - click the reconcile button under the bank selector. You will be prompted to enter a balance and date. Usually, the amount you input is the ending balance of your monthly bank statement and the date associated with that balance. This balance will be compared to the cleared balance in your bank widget for reconciliation.
   
   
   
   This will change the register interface by showing a reconcile summary at the top of the table guiding the reconcile process.
   
   c. Clear/unclear transactions - At the top of the table you will see the bank balance you entered and the cleared balance shown in the current register along with the difference, if any.  By clearing or unclearing transactions, you should be able to balance the accounts to show no difference.
   
   
   
   d. Reconcile - once the difference becomes zero and the reconcile button is green, you can click this button to reconcile the register and the account.  This will lock the reconciled transactions and initially filter them from the list.
   
   
   
   Even though these transactions are initially hidden, you can select to see the reconciled transactions (using the toggle button above the table) to help you trouble-shoot other reconciliation issues.
   
   
3. Clear or unclear a transaction (individually and bulk)
   You can clear or unclear transactions individually or in bulk using the action button.
   a. Clear/unclear individually - you can simply check or uncheck the clear/unclear circle. Once checked, it means it’s cleared.
   b. Clear/unclear by bulk - you can clear/unclear multiple transactions or all transactions on the page. Click the top checkbox to select all transactions then click the Action button. You can only click the action button once you have selected a transaction.
   
   
   
   
4. Unreconcile a transaction
   Once the transactions have been reconciled, they will have a lock icon instead of the clear/unclear circle icon. This is to differentiate or filter them easily from transactions that are not yet reconciled.
   
   
   
   To unreconcile a transaction, click the “Lock” icon under the clear/unclear column and select “Unreconcile”.
   
   
   
   A pop-up window will appear asking you “Are you sure you want to do this? By changing this it could put you out of balance and negate your last reconcile.”
   
   
   
   When you unreconcile one transaction, the other transactions included in that period reconciliation will still be marked reconciled. Be careful unreconciling transactions that have previously been reconciled unless you’re sure it shouldn’t be included in the reconciled balance.

SUCCESS!!! 

• Now we’re done learning how to reconcile transactions with their period end balance. Next you will need to learn how to filter transactions.
• Check out the Help Article: Filter transactions