Reconcile a Bank Statement

Transactions from Accounts Payable, Payroll, General Ledger, and other applications all feed into the Bank Reconciliation page. This tutorial walks through reconciling those transactions to your monthly bank statement and the General Ledger, entering a missing transaction, and finalizing the reconciliation process.

Note: For a visual walkthrough, see the Reconcile a Bank Statement video, or browse all tutorials on the Videos at a Glance page.

Bank Statements

1. From the Bank Account Management menu, select Manage > Bank Statements.
2. Click the Add New Statement link.
3. Enter the Statement Date and Statement Ending Balance for the bank statement you want to reconcile, then click OK.

4. Mark items as cleared using one of the following methods:

   • Manual: check the box next to each item to mark it as cleared.
   • Electronic import: import a bank statement file to automatically clear matching items.
   • One at a time: use the fields at the top of the page to reconcile individual items.

Import an Electronic Bank Statement

1. Click the Import Electronic Bank Statement link.
2. In the Import Electronic Bank Statement window, click Choose File.

Note: Accepted formats are Quicken (QIF), Open Financial Exchange (OFX), Intuit (QFX), and Excel (XLSX). See the Import Electronic Bank Statement section for details on accepted file formats.

3. Select your bank statement file and click Open.
4. Verify that the correct file is displayed and click Import.
5. An alert message appears with details about the import.
6. Review the Statement Import Report. You can print or export this report. Click Close Report to return to the Reconciliation page.

Note: There are separate pages for cleared and not-cleared transactions.

1. When you return to the Reconciliation page, the items cleared during the import are automatically checked.

Reconcile Items One at a Time

1. Using the fields at the top of the page, enter an Item # and an Amount, then click Reconcile Item.

Note: The Plus key can be used to exit the Item # and Amount fields.

Save or Finish the Reconciliation

1. Choose how to close out the current session:
   • Click Apply and Finish Later if you are not finished reconciling (for example, if you still have service charge transactions to enter).
   • Click Finish if all items have been reconciled to your bank statement.

Note: Clicking the Cancel link exits the page without saving any of your reconciliation changes.

Enter a Transaction

In some cases, you may need to enter charges from the bank into your Financials, such as a service charge.

1. From the Bank Account Management menu, select Enter > Transaction.
2. Enter the Date and Description for the transaction.
3. On the Details tab, enter the Account, Description, and either a Deposit or Charge amount.

Note: This is not like a journal entry where debits and credits must balance. Simply enter each amount as a deposit or a charge. When the transaction is posted to the General Ledger, the selected bank account is used to reconcile the difference between deposits and charges, creating a balanced journal entry.

4. Click Update when finished entering the transaction.
5. On the Transactions page, select the transaction by clicking the check box next to it.
6. Click Transaction Edit Report to view or print the selected transactions.
7. Click Post Transactions to post the transaction.
8. Review the Post Transactions report and verify that the Posting Date is correct. Click Finalize Post.
9. In the verification window, confirm that the Fiscal Year, Period, and Date are correct, then click OK.

Finish Reconciling Your Statement

1. From the Bank Account Management menu, select Manage > Bank Statements.
2. Click the Edit icon next to the statement you are working on.
3. Verify that the Statement Date and Statement Ending Balance are correct, then click OK.
4. Select the Service Charge transaction and any other reconciled items for that statement by clicking the check boxes next to them.
5. Review the Reconcile to Bank Statement and Reconcile to General Ledger boxes at the bottom of the page. Verify that the Statement Date and Statement Period are correct for the statement you are reconciling.

Note: If the General Ledger is out of balance by the amount of a recent service charge, it is likely because the journal for that transaction has not yet been posted.

6. Click View Reconciliation Report.
7. Review the reports that display:
   • Bank Statement Current Summary: lists outstanding items.
   • Cleared Items: should match your bank statement.
   • Outstanding Items: lists uncleared items with a recap at the end showing whether the statement is balanced to the General Ledger.

Note: You may want to print and attach these reports to your bank statement for safekeeping. 

8. When finished, click Close Report.
9. Review the reconciled items and the Reconcile boxes at the bottom. When you are ready to close the reconciliation for this statement, click Update.
10. The statement can still be accessed and modified after clicking Update. A check box appears when you view the statement again, indicating it has been finalized.

11. To add notes or attach files (such as an electronic copy of your bank statement), click the Attachments page and choose either the Notes or Attachments tab.

Updated June 17, 2026 02:14