How to Reconcile - Bank Reconciliation

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To get started with your bank reconciliation process, simply follow the following steps

1. Go to Control Panel
2. Click on Accounting > Balance Sheet Accounts
3. Click on the arrow next to Bank/Cash Equivalents
4. Select the related bank account and click on the drop down next to View button and select Reconcile button.

4. Set the Closing Date*Statement closing date
5. Import the completed statement balance template. If you have yet to prepare the statement balance, simply 
   • click Import Statement
   • in the pop-up window, click sample file to download
   • Fill in the details accordingly based on your official bank statement
6. Upload the file either by click on Select File or Drop file and proceed to click Continue on the pop-up screen.
7. The system will automatically match the items in your bank statement with the respective transactions found in Financio based on their Number/Reference, Date & Amount.
8. For items not matched, click on Show Unmatch (x) button and find the related transaction before select Match Transactions button.
9. Once done, click Reconcile at the bottom right.

Alternative method

If preferred, you may choose not to upload a statement method. Instead, you will match based on the copy of the bank statement.

1. Check whether the bank statement date is the same as the Closing Date.
2. Key in the bank statement balance in Reconcile balance column.
   
   
3. Next, check off the related payments that have been processed as per the bank Statement.
4. Ensure that the Closing Balance in Bank Transactions and Financio Transactions are tallied. If not, it will appear as "Out of Balance".
5. Once Balanced, hit the Reconcile button on the bottom right.