Bank reconciliation is the process of verifying the records in your accounting software against that of your bank statement. It provides a way to make sure that those transactions in your system are correct and up-to-date. You can do this manually by simply comparing your bank statement ending balance with the account balance in the system.
Gimbla provides an easy way to enter your bank statement into the system. All transactions associated with that period will be listed for you to reconcile.
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For this example, we will reconcile a bank statement with an ending balance of $55.00 on 31st August 2022. This is the date we want to reconcile the accounts to, so the ending date is very important.
1. Upload your bank statement to Gimbla. There's a Upload Bank Statement guide for this if you need more information.
2. After importing the bank statement, the ending balance of the statement should now be $55.00. Verify this amount by clicking Reconciliation tab. Here you should also see the difference for $45 as well. To see what makes up these amounts, toggle between the Statement tab and In Gimbla tab. It is important to note the date, as they will only appear if you are within the range.
3. We'll go back to the My Tasks tab now to clear these lines. Expand the window by clicking the More options link on the $100.00 line.
4. Select the Match tab, check the $100.00 line, and click on the Match button.
5. One line still needs to be cleared off (-$45.00). Let's do it now. We will manually create this transaction since it does not already exist in the system. Simply enter the description, account, and tax code on the mini screen, then click Create.
Once those two lines have been cleared, go back to the Reconciliation tab. The difference amount should now be displayed as ZERO.
There are times when you need to redo a statement line that has already been cleared. You can do this by clicking the Statement tab and then finding the line you wish to redo. The lines of the statement that have been cleared are highlighted in green. You can expand the line by clicking on it. The Redo button can be found here.
⭐ Part Payment
Part payments can be allocated to an invoice by changing the amount in the Match tab. Before matching, ensure that the invoice is ticked and the difference is 0.
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Schedule time to reconcile the account every month so that you don’t have too many transactions to review at the end of your reporting period.