Bank Reconciliation

Ensure your system records match your real-world bank statements.

Interface Overview

Business Overview

Reconciliation is the process of matching every transaction in QOBooks to a corresponding entry on your bank statement. This guarantees the accuracy of your financial reporting.

Actions

Starting a Reconciliation

1. Go to Banking > Reconciliation.
2. Click Add Reconciliation.
3. Account: Select the Bank or Cash account.
4. Statement Period: Enter the Start Date and End Date from your bank statement.
5. Closing Balance: Enter the final balance shown on your physical statement.
6. Click Start.

Matching Transactions

1. You will see a list of transactions recorded in QOBooks for that period.
2. Clear Records: Compare the list to your statement and check the "Cleared" box for every matching entry.
3. Monitor Difference: The "Difference" field at the bottom will update as you check items.
4. Goal: Achieve a Zero Difference.

Adding Missing Entries

If you find a bank fee or interest income on your statement that isn't in QOBooks:

1. Use the "Quick Add" button directly from the reconciliation screen.
2. Record the missing Expense or Deposit.
3. Mark it as cleared.

Finalizing

1. Once the difference is 0.00, click Complete Reconciliation.
2. Effect: Every cleared transaction becomes Locked for audit integrity.

Undoing Reconciliation

If you discover a mistake after finalizing:

1. Open the reconciliation record.
2. Click Undo Reconciliation.
3. Effect: The status is returned to "In Progress", and transactions become editable again.

[!IMPORTANT] Audit Lock: Reconciling your accounts is the best way to prevent accidental modification of old financial records.