Bank Reconciliation in Clickentryadmin
What you Need to Know
Bank reconciliation is a process in which all the transactions in your bank accounts are matched up with the transactions recorded in the Clickentry bank account.
In Clickentry, You can do this in Reconcile Account by matching bank statement lines from your bank account on the left against transactions in Clickentry on the right.
- Statement Lines: Statement lines are the bank transactions that are imported from your bank account via a bank feed or are imported manually. These transactions in your online banking are referred to as bank transactions and when you import them into Clickentry we refer to them as bank statement lines.
- Transactions: Transactions that are created in Clickentry. It includes all invoices, bills, expense claims or cash transactions.
The objective of bank reconciliation in Clickentry is to confirm and match each statement line in the bank account to an existing transaction in Clickentry. You can even create a transaction during the reconciliation process.
It is highly recommended to reconcile your bank accounts on a regular basis. It keeps your accounting records up to date and also helps in finding and correcting any errors as soon as they occur.
The Bank Reconciliation Process
Clickentry makes the bank reconciliation process easier. It shows you notifications when bank statement lines are ready to reconcile. You can see on your account panel dashboard how many bank statement lines have been imported and need to be reconciled.
If it doesn’t display Reconcile [number] items, it means there are no bank statement lines to reconcile.
For each individual statement line on the Reconcile tab, you can either:
- Match it with an existing transaction such as an invoice or bill in Clickentry.
- Accept a suggested transaction by Clickentry based on the previously reconciled transaction or the bank rules you have set up.
- Accept a suggested transaction by Clickentry. It can be based on the previously reconciled transaction or the bank rules you have set up.
- Make a new account transaction. The transaction can be Spend Money Transaction or receive money transaction, or a transfer of funds to another bank account
- Start a consult with your accountant or bookkeeper. By adding a note for them to read, you can ask them how it should be reconciled.
- Consult with your accountant or bookkeeper. By adding a note for them to read, you can ask them how it should be reconciled.
How you can reconcile each statement line, depends on whether a transaction has already been recorded in Clickentry to reflect it or not.