Reconcile Bank Accounts
Bank reconciliation helps you protect cash, catch issues earlier, and close periods with confidence. When you reconcile consistently, you can find bounced checks, overdraft fees, and incorrect entries before they affect your reporting.
You can start reconciliation from several areas:
From a bank account record 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 enter statement details, match and clear transactions, review exceptions, and complete reconciliation in one workflow.
Warning: To reconcile, you must enable cash management in the subledger settings for a bank account.
Under Get started, you can review the last reconciled date and balance, enter the statement date and ending balance, and choose whether to reconcile manually or with bank feeds. This helps you set up reconciliation quickly and reduce manual review time.
Match Bank Feeds
Under Match bank feeds, you can match one or more Bank feed transactions from your online account to one or more uncleared Bank register transactions. This helps you clear routine activity faster and spend more time on exceptions that need review.
Note: Match bank feeds appears only when bank feeds are enabled, an online bank account is linked to the bank account in Financial Edge NXT, and you select bank-feed reconciliation on Get started.
Clear Transactions Electronically
Use a .qif, .ofx, .qbo, bai.txt, or .qfx file from your bank to match and clear transactions in your register electronically. After processing, matched transactions update to Cleared, and unmatched transactions appear as exceptions on the Clear Transactions Electronically report. This helps you identify and resolve differences quickly before you reconcile.
Note: Use this process to clear transactions when you are not using Yodlee in bank feeds. If you use Yodlee, review Match and Clear Transactions.
Review Register
Under Review register, you can confirm unreconciled transactions, clear valid items, and focus on entries that need follow-up. This helps you improve accuracy before you finalize reconciliation.
When you reconcile with bank feeds, you can also revisit Match bank feeds to complete manual matches.
Finalize Reconciliation
Under Finalize, you can compare register and statement balances, review posted and unposted activity, and monitor outstanding balances. When needed, you can create an adjustment and complete reconciliation with a clear audit trail.