A bank statement reconciliation Reconciliation process involves comparing the bank transactions recorded in your General Ledger to bank transactions recorded by bank on the bank statement for the same time period. Generally, there are differences in these two sets of transactions are commonplace. Some of transaction differences occur due to different timing, while other type of differences occur due to added bank fees or other reasons.
...
Each financial period, you can receive statements of your bank accounts and reconcile the received statement statements with bank transactions recorded in your General Ledger. In order to compare the transactions conveniently, you need to create an internal document, Bank Statement, and import the bank transactions from the statement received from the bank.
To create a new Bank Statement document, open: Money > Bank Documents > Bank Statements and click Create on form toolbar.
On the Main tab, specify the banks bank account and the period for reconciliation.
Then, on the Operations tab, click the Import (
) button if you are going to import the bank transactions from the statement. The Import from Excel form appears.
...
The data will be imported; otherwise, you will view see the warnings about mismatched data formats. Correct the errors in the input file and import the data again.
Enter the opening and ending balances on the Main tab, save the Bank Statement.
...
The purpose of reconciliation process is matching of all transactions recorded in the bank account.
Create a new Bank Reconciliation document using the form: Money > Service Tools > Bank Reconciliations. For details, refer to Creating a Bank Reconciliation.
...