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Bank reconciling your opening balances

Prior to running a bank reconciliation, you first need to enter your bank opening balances and reconcile these transactions. It is important to reconcile your bank opening balances as this gives you your starting balance to proceed with further bank reconciliations.

To mark your opening balances as reconciled on the system, see the below steps:

  • 1. Go to Banking, then click on the relevant bank account.
  • 2. Click the Connect to Bank drop-down arrow, then click Reconcile.
  • 3. Enter the following information:
Statement Date * Enter the end date of the actual bank statement you’re about to reconcile.
Statement End Balance * Enter the ending balance from the bank statement.
Reference Enter a reference for this reconciliation, for example, you could use the statement page number or date.

* These details are compulsory.

  • 4. Check the bank account is correct, then click Apply.
  • 5. You will then see your transactions eligible for reconciliation. Only select your transactions called Bank Opening Balances for this first reconciliation. You will need to select all your Bank Opening Balances relating to that period, to get the sum of your starting balance.
  • 6. Click Finish.
  • 7. To print details of the reconciliation, click Print.

You’ve successfully reconciled your opening balances. When you view the bank activity a tick appears against the transactions in the reconciled column. You can view this from the Banking tab, click the required bank account then click Reconciliations.

Now that you have a starting balance, you can proceed to running a bank reconciliation for the next statement period.

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