Reconciling is like ticking off your bank statement against your own records until both say the same thing.
A reconciliation session compares statement activity for a period with the posted lines on the mapped cash account. FINUXI proposes matches with their evidence; you review them, resolve exceptions, and complete the session only when every check passes.
Steps
- Start a session with the statement's opening and closing balances.
- Review each statement line and its proposed ledger match; accept, reject or choose another.
- For activity missing from the ledger, propose an adjustment. It is a balanced journal entry that needs approval before it posts.
- Complete the session when the statement arithmetic is correct and the difference is zero.
What you get
A completed reconciliation shows the account is correct to the cent for that period.
Who can do this
Owners, admins, accountants and bookkeepers can work a reconciliation; only owners, admins and accountants can complete it.
If something goes wrong
- Complete is blocked.
- The panel lists each failed check, such as an unresolved row, a non-zero difference or a pending adjustment. Resolve them in order.
- There is a small difference.
- Look for a statement line with no ledger match: often a bank fee or card purchase that was never recorded.
Terms used here
- Bank reconciliation
- Proving that the bank statement and the ledger's cash account agree, item by item, and explaining any difference.
- Approval
- A recorded decision by an authorised person before a consequential action, such as posting a reconciliation adjustment.