Account reconciliation is a critical process that ensures the transactions recorded in your COUNT account align with actual financial events. Before you begin, have your bank statement ready for comparison.
Steps to Reconcile Your Books:
1. Prepare for Reconciliation:
Ensure that all transactions are entered into COUNT by connecting your bank account, uploading a statement, or manually adding transactions.
2. Create a Reconciliation Period:
On the left-side menu, select Accounting > Reconciliation.
Find the account you want to reconcile and click Get Started.
Select the final date of the period you wish to reconcile and enter your bank balance as of this date.
Click Save.
If the bank balance and the COUNT balance are the same, the account is reconciled. If not, COUNT will display all transactions for the period to help you identify discrepancies.
3. Review Your Transactions:
To review transactions, click on the unreconciled period.
Compare each transaction with your bank statement for accuracy.
Select the checkmark to the right of each transaction to mark it as matched.
The Transactions matched bar at the top indicates your progress, showing how many transactions have been matched and how many are left.
4. Understand Discrepancies:
Your COUNT balance always reflects the total of all transactions in the account, regardless of whether they are matched.
Reasons Your Statement and COUNT Balance May Not Match:
Missing Transactions: Some transactions might not have been recorded in COUNT.
Duplicate Transactions: There might be duplicate entries that need to be removed.
Incorrect Dates or Amounts: Some transactions might have the wrong date or amount.
Added or Deleted Transactions: Transactions may have been added or deleted after the period ended.
Fixing an Unreconciled Period:
Review each transaction in the unreconciled period.
Correct any discrepancies by adding missing transactions, deleting duplicates, or adjusting dates and amounts.
Re-check your balance after making adjustments to ensure accuracy.
Frequently Asked Questions:
Q: What if my bank statement doesn't match my COUNT balance?
Q: What if my bank statement doesn't match my COUNT balance?
A: Double-check for any missing or duplicate transactions, and ensure all dates and amounts are correct.
Q: Can I reconcile multiple periods at once?
Q: Can I reconcile multiple periods at once?
A: It’s best to reconcile one period at a time to accurately track and resolve discrepancies.