Reconcile Bank Accounts

Reconciliation ensures your accounts start balanced and stay balanced. Consistent reconciliation — daily or monthly — can also alert you to potential issues such as bounced checks, overdraft fees, or incorrect entries. In Financial Edge NXT, you can conveniently reconcile your bank account's register with your bank account statement from several areas:

  • From a bank account record action bar, select Reconcile.

  • From a bank register action bar, select Reconcile.

  • When bank feeds are enabled, and an online bank account is linked to a bank account in Financial Edge NXT, select Reconcile from the bank feed action bar.

From the Reconcile page, you can specify a statement date and ending balance, select to reconcile manually or with bank feeds, match and clear transactions, and review your register prior to reconciling.

Warning: To reconcile, you must enable cash management in the subledger settings for a bank account. For more information, see Subledger Settings.

As you reconcile a bank account, under Get started, you can quickly review the bank account's last reconciled date and balance, then fill in details for the next reconciliation. Enter a statement date and ending balance, and select whether to reconcile manually or with bank feeds. For more information, see Get Started.

As you reconcile a bank account, under Match bank feeds, you can choose one or more Bank feed transactions (from the online account) to match one or more Bank register transactions (that haven't yet cleared). The available transactions in these lists appear based on the statement date you entered on Get started. For more information, see Match Bank Feeds.

Note: Match bank feeds only displays when bank feeds are enabled, an online bank account is linked to the bank account in Financial Edge NXT, and you selected to reconcile using bank feeds on Get started.

You can use a .qif, .ofx, .qbo, bai.txt, or .qfx file from your bank to match and clear transactions in your register electronically. After the process completes, matching transactions have a Cleared status and transactions that don't match display as exceptions on the Clear Transactions Electronically report. Use the report to identify, match, and clear unmatched transactions. You can then reconcile the bank account. For more details, see Clear Transactions Electronically.

Note: Use this process to clear transactions if you're not using Yodlee to clear them in bank feeds. If you're using Yodlee, review Match and Clear Transactions to match and clear transactions.

As you reconcile a bank account, under Review register, you can view unreconciled transactions, determine if they are accurate, and clear them as necessary.

You can also revisit Match bank feeds (when reconciling with bank feeds) to manually match transactions. For more information, see Review Register.

As you reconcile a bank account, under Finalize, you can review details comparing your register and cash account to your statement. You can also view a breakdown of posted and not yet posted transactions. Use the indicators at the bottom of the screen to determine if an outstanding balance remains, and create an adjustment as necessary. For more information, see Finalize Reconciliation.