How do I reconcile a bank account in Kontuly?
In Kontuly, select the account in Banking, click Reconcile, enter the Statement date and Statement closing balance, tick each entry that appears on the statement, and click Finish reconciliation once Difference is zero. Reconciling proves your books agree with the bank, and locks the entries you ticked.
Before you start
- Import or enter every transaction up to the statement date, and code, match or ignore each one. Uncoded bank lines aren't in your books yet, so they don't appear on the Reconcile screen.
- Have the statement open at its closing balance.
- First time? Kontuly starts from an opening balance of zero, so the account's opening balance must already be in the books (for example a manual journal dated before your first transaction, or balances brought across from your old software). Start from your earliest statement and work forward.
Steps
- Open Reconcile. In Banking, choose the account and click Reconcile in the balance panel.
- Enter the Statement date. The list shows every unreconciled entry up to and including that date, oldest first.
- Enter the Statement closing balance. If you imported a balance column, it's suggested; always compare it with the statement. For a credit card or overdrawn account, enter an amount owing as a negative number.
- Tick each entry that's on the statement. Leave unticked anything the bank hadn't processed by the statement date.
- Watch the bar at the bottom until Difference is zero.
- Click Finish reconciliation.
Why are some entries already ticked?
They're suggestions. on statement means the entry came from a bank line you imported or entered, so it's almost certainly on the statement. cancels out marks a voided entry and its reversal, which add up to zero. Payments recorded by hand on an invoice, and manual journals, aren't suggested: tick them yourself. Suggested, All and None reset the ticks.
How is the difference worked out?
Opening (the last reconciliation's closing balance) plus Ticked in less Ticked out gives Calculated. Difference is Statement less Calculated. Not zero? See Why won't my bank reconciliation balance?
What happens after?
The ticked entries are locked: you can't unassign, void or remove them without undoing the reconciliation. Most businesses reconcile each month, and always before preparing a BAS.
Related questions
- Why won't my bank reconciliation balance in Kontuly?Kontuly's reconciliation difference must be zero to finish. Check the statement figures, ticked entries, missing or doubled lines and the opening balance.
- How do I undo a bank reconciliation in Kontuly?Undo the latest bank reconciliation in Kontuly from Reconciliation history, to change a locked entry or redo one finished against the wrong balance.
- How do I print a bank reconciliation report in Kontuly?Kontuly's Bank Reconciliation report agrees your books to the bank statement at a date, listing unpresented payments and outstanding deposits.
More about banking and reconciliation
- Does Kontuly connect to my bank with bank feeds?Kontuly has no bank feeds. You import CSV or PDF statements from your internet banking, so your banking login never leaves your hands.
- How do I import a bank statement CSV into Kontuly?Download a CSV statement from your internet banking, choose the account in Kontuly's Banking screen, click CSV and check the columns before importing.
- How do I add a credit card or another bank account in Kontuly?Add a bank account, credit card, PayPal balance or petty cash tin in Kontuly by ticking "This is a bank / cash account" on an account in the Chart of Accounts.
- Can Kontuly import a PDF bank statement?Kontuly can read transactions out of a PDF bank statement, then shows every row for you to check before importing. CSV is still more reliable.
- How do I code bank transactions in Kontuly?Code each bank line in Kontuly's Banking screen by choosing an account in its Assign to column. GST is split out for you, and you can code many lines at once.