Reconcile bank accounts

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 the ending balance of your bank statement into the system. It will list all the transactions associated with that period for you to reconcile.

๐Ÿงญ Navigation Menu

Finance โžก๏ธ Banking โžก๏ธ Bank Reconciliation โžก๏ธ Add Period

๐Ÿ“ Add Period Form

Add period form

Form Fields

  • โœ… The Bank field is the bank account you wish to reconcile.

  • โœ… The Ending Date field is the ending date of the last transaction in the system you want to include.

  • โœ… The Ending Balance field is the ending amount. This is the number you want to check against the system.

๐Ÿท๏ธ Example

1. After adding in a new period you should see the new record below. If the amount in the difference column is Zero and in green then itโ€™s balanced. If itโ€™s in red then the account is out of balance. In this example, our account is out of balance by $78.00 at the end of 10/08/2021

Reconcile bank accounts

Click on the difference amount to drill into the list of transactions. You can see from the transactions that the ending balance we enter is $100. Thereโ€™s one transaction in the system for $22 during this period so we are missing $78 somewhere.

Reconcile bank accounts

2. To balance this, we will create a new receipt for $78 in the system and apply it to the outstanding invoice #INV-001. The screenshot below is what it looks like after the entry.

Reconcile bank accounts

3. Our difference is now $0.00 so the ending balance of your bank statement is equal to the balance in your accounting system.

Reconcile bank accounts

Pro Tip

Schedule time to reconcile the account every month so that you donโ€™t have too many transactions to review at the end of your reporting period.