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How to Reconcile a Bank Statement

Import the statement, match cleared lines.

5 min read Updated Jun 2026   How-To

Purpose

Reconcile the system's bank ledger with the bank's actual statement so the book balance and bank balance tally. Done monthly (or weekly for high-volume accounts) it surfaces missed entries, cheque bounces and unauthorised debits early.

Before you begin

  • Bank statement file (CSV / Excel / OFX) downloaded from your bank's portal for the period.
  • Previous period's reconciliation closed — the opening reconciled balance carries forward.
  • Bank ledger configured in the chart of accounts and linked to the bank account number.
  • Day Closure done up to the reconciliation cut-off date.

Steps

  1. Start → Accounts & Finance → Accounts → Bank Reconciliation.
  2. Pick the bank ledger and the period.
  3. Click Import Statement and upload the bank's file. The system parses it and shows bank lines side-by-side with system lines.
  4. Auto-match runs — rows where amount, date and reference match are ticked green.
  5. Walk through unmatched rows. Common cases: bank shows interest credit not in books (add a journal); books show a cheque issued not yet cleared (leave unticked); duplicate row (un-tick and investigate).
  6. For genuinely missing entries on your side, click Post Adjustment — the system pre-fills a journal voucher you can review and save.
  7. When the unreconciled difference is zero (or only timing differences remain), click Mark Period Reconciled.
  8. Print the Reconciliation Statement — this is the document your auditor wants.

What success looks like

  • Book balance and bank balance match (or the difference is only un-cleared cheques / un-cleared deposits, listed explicitly).
  • A printed Reconciliation Statement is on file.
  • Any new entries (interest, bank charges, missed receipts) are posted to the right ledgers.

Troubleshooting

Statement import fails — "unsupported format".
Bank's file format changed. Use the bank-specific template under File Management → Bank Statement Templates or fall back to CSV with the documented column order.
Auto-match misses obvious matches.
Reference numbers differ (UTR vs cheque number). Loosen matching rules under Match Settings or match manually.
Reconciled difference will not go to zero.
Almost always a missing journal (interest / charges) or a duplicate entry. Use the Unmatched Both Sides filter to find it.

Tips

  • Reconcile monthly even for low-volume accounts — small drifts hide bigger problems.
  • Post bank charges and interest the day they appear — do not let them accumulate.
  • Warning. Once a period is marked reconciled, edits to journals dated in that period require admin override.