Reconcile your bank account

Reconciling means ticking off each line of your bank statement against your books. When every line is matched, the books agree with the bank, and nothing is missing or counted twice.

Steps

1. Open the bank account. In Finance & Accounting → Bank, open the account. The top shows the Statement balance, the Book balance and the Difference.

   

2. Look at the suggested match. Under To reconcile, each statement line waits for its match. When Owlvix finds the entry in your books (same amount, a date close by), it shows a Suggested match.

   

3. Click Match. The line moves to Reconciled.

4. No suggestion? Pick the entries. Tick one or more entries under Pick entries from the books and click Match picked, for example when one deposit pays several invoices.

5. Not in the books? Create the entry. For bank fees, interest and the like: open the line, choose the account under Paid for (or Received for) and click Create entry and match.

   

6. Check Reconciled. Matched lines are listed there; Unmatch one if you got it wrong. Ignore a line that doesn't belong in the books.

   

Tip Not yet in the bank lists payments in your books that no statement line matches yet, such as a cheque that hasn't cleared.

Good to know

• Customer payments and supplier payments you record in Sales and Purchases appear here, ready to match.
• Unmatching a line whose entry was created from it reverses that entry.