Reconciling a month step by step

A reconciliation session is: set up the statement, bring in the bank lines, match them, explain what's left, and close. Screens differ, but the shape doesn't.

What to have ready

• The bank statement for the period, or access to the account online.
• The statement date and its ending balance.
• Your invoices, bills and payments for the period already entered.
• A few quiet minutes. Interruptions are how lines get matched wrongly.

The steps

Start the reconciliation. Pick the bank account. Enter the statement date and the statement ending balance. In Business Central, those are the Statement Date and Statement Ending Balance fields¹. The starting balance usually comes from the last reconciliation. In that manual, it's filled in automatically from the most recent one for the same account¹.

Bring in the lines. Use your feed, or import a file. If you're not sure which, the page on feeds against file imports sets them side by side.

Match. Let the software suggest matches, then check each one. The page on automatic matching covers what to look at. Match the rest by hand, one line at a time.

Deal with lines that have no record. Bank fees and interest are typical. Record them, then match them. A rule can do this each month, as the page on bank rules explains.

Look at what's left. Records of yours that the bank hasn't shown yet are normal at month end, such as a payment sent on the last day. Anything else needs a reason. Write the reason down, even in one line, so next month's session starts with context.

Preview. Business Central offers a Test Report action to preview the reconciliation before posting¹.

Close. Wiise's help says to post when the total balance in the bank statement lines equals the total of the balance to reconcile, then mark the bank account as reconciled for the period².

If it doesn't balance

Don't force it. One reference says any difference between the two figures needs to be examined and, if appropriate, rectified³. Don't add a made-up entry to close the gap. The list of common causes of a difference is the place to go next.

Keeping the next one short

Do it on a regular rhythm. One reference calls it good practice to reconcile at reasonably frequent intervals³. Small batches mean fewer lines to check and fresher memory of what each payment was.

After you finish

Keep the statement and any notes on items carried over. If your records feed a tax return, keep what your tax authority asks you to keep. Ask your accountant what that is.