The bank reconciliation within the Payments menu allows you to check, whether your accounts are correct.
This function allows you to compare the data saved in Reviso with the data of your bank statement. Therefore, you can detect possible differences and/or errors, which can include a transaction on your bank statement that was not registered in Reviso, or vice versa.
It is also possible to create part of your accounting based on your bank statement to save you a lot of time with accounting entries.
Just watch the video tutorial on our YouTube channel.
How to use bank reconciliation?
- In order to use this function, it is necessary to register at least one bank account. Go to Payments > Bank Accounts > New Bank account
Enter the name of your bank, select the account used for this within Reviso, in a default chart of accounts this would be 1200, enter the sort code, account number etc. and click save.
You can create as many Bank accounts as required.
When you’ve completed this you are ready to import your bank statement. Please take a look at the section on how to import your bank statement before proceeding.
- Go to Payments > Bank reconciliation > select the bank account from the dropdown and select on the upper right side of the screen the year and period you want to reconcile.
- If you work with more bank accounts, choose the bank account for the reconciliation.
- In the next step, you will import your bank statement by uploading your Excel file and clicking on Import CSV file.
- Once you have uploaded your data, Reviso will show you information similar to the screenshot below. The transactions on your bank statement appear on the right and entries saved in Reviso on the left.
- Now you need to link the transactions from both sides, which you can do in two ways: The first option is to do it manually by selecting a transaction on the left and its corresponding one on the right and click on Approve.The second option is to click on auto-reconciliation. This function automatically links the transactions based on the date, amounts of the records and can make the match search easier.
- When all the records are reconciled, a green icon on each of the lines will appear. This means that the transactions of your bank statement already exist in Reviso and are registered correctly. If you click on any reconciled record, the transaction, which was linked to it, will be marked in light orange.
What about the unreconciled movements?
If the movements on your bank statement (on the right side) were not linked to any record on the left, it indicates that they have not been entered into your accounting. Therefore, there remains some work to be done.
Select the movements that do not include the green icon and click on the option stating Transfer.
Once you click on Transfer, you will see a window with movements that are missing the accounting entries. Now you just have to define the counterparts.
* Click on Ctrl + to zoom in and Ctrl – to zoom out.
Once you have found all the counterparts, click on Save. The entries will be created under Payments > Entries within the corresponding account.
The bank reconciliation is now completed for the period you selected. You will see that all the movements on your bank statement are reconciled and linked to your accounting entries.
If you have any further questions, please do not hesitate to contact us.