Reconciling Bank Statements With or Without Importing Transactions

You can use Bank Reconciliation with or without importing transactions from a bank statement.

After you create or select a bank statement to reconcile, you can import transactions from a statement that you have obtained from your bank. You can import bank transactions when the bank statement is final, typically at the end of the statement period.

Imported transactions are matched with posted bank records that have the same receipt/payment amount, statement date, or reference number. The Bank Reconciliation process can also suggest posted records that are within a number of days or within an amount range of the imported transaction. You can set up Bank Reconciliation to automatically clear imported transactions that have matching posted records, or you can manually select posted records that are a match for the imported transaction.

If you do not have bank statements to import, you can still view bank transactions for a bank statement on the Receipts tab and Payments tab. You compare these with paper bank statements and manually clear any transaction that matches an item on the paper bank statement.