Set up bank accounts and reconcile

Set up your bank accounts, bring in statements, and match every statement line to the ledger so your books agree with the bank.

Before you start

• Pick the company you are working in and the Scope level for each record.
• Have the cash or bank GL account from your chart ready to link to each bank account.
• Export or prepare the bank statement you want to import (the file is parsed in your browser).

Steps

Create a bank account

1. Open Accounting → Banking → Bank accounts and add a bank account.
2. Set the Scope level (required) and any parent scope.
3. Enter the Name (required) and, optionally, the Bank name and Account number.
4. Enter the three-letter Currency code (required).
5. Choose the GL account — the cash/bank account from the chart this bank feeds (required).
6. Optionally set whether the account is active. Save.

Import a statement

1. In Banking, choose the Bank account (required) and import a statement.
2. Optionally set the Statement date, Opening balance, Closing balance and imported file name.
3. The parsed rows are posted: each row needs a date, description and amount, with optional reference and running balance. Duplicate lines are detected and skipped.

   [screenshot: Bank statement import]

Add banking rules (optional)

1. Under Banking rules, add a rule with a Name (required).
2. Set the Match field (description or reference), Match operator (contains, equals or starts with) and Match value (all required).
3. Choose the Contra account to suggest (required). Optionally set a specific bank account (blank applies to all), whether it is active, and a Priority.

Transfer between accounts

1. Under Transfers, pick the From bank account and To bank account (must differ) and a Transfer date.
2. Enter the Amount (greater than zero). For a cross-currency move, add the To amount and FX rate. Optionally add a Reference.

Reconcile

1. Start a reconciliation for a Bank account (required), entering the Statement balance (required) and an optional GL as of date and Period label.

   [screenshot: Reconciliation workspace]

2. Match a statement line to a general-ledger line, or use a grouped match for several statement lines to several GL lines, with an optional small-difference adjustment (account plus memo).
3. Categorise any unmatched line by choosing a Contra account to post it to.

Result

Each bank account links to its GL account, statements import without duplicates, and every statement line is matched, grouped or categorised so the bank balance reconciles to the ledger.

Related

• Record an expense
• Pay suppliers and run a payment run
• Accounting reference