Reconciliation - IPA Books+

A bank reconciliation is the process of matching the transactions and balances in the businesses accounting records for a bank account to the bank statement, and identifying any differences between the two. A reconciliation is important for tax reporting and should be completed on a regular basis.

Transactions have three statuses. When you are completing a reconciliation, ticking any transactions (to confirm they are on you bank statement) marks them as CLEARED. When they are unticked the status changes to UNCLEARED, and when you finish your reconciliation they are marked as RECONCILED.
Any transactions that are actioned through a bank feed are marked as CLEARED automatically (as it is assumed they are of course on your bank statement).

 

Uncleared

 

 Cleared

 

 Reconciled

 

 

Uncleared

Transactions that have been entered into IPA Books+, but are yet to be verified they exist in your bank account. Note: All transactions created via file upload (CSV/QIF), a direct bank feed or Quick Coding will be marked as cleared automatically since the source was your bank account. 

Cleared

Transactions that have been verified (matched) to your bank statement or bank account (in the case of a file upload or direct bank feed).

Reconciled

Transactions that have been reconciled via the reconciliation process. This status can only be changed by un-doing the reconciliation the transaction belongs to.

 

Reconciled transactions in locked accounts can now be edited, as long as the bank account and total transaction amount is not altered. This change was made due to overwhelming user feedback to allow alterations to a transaction as long as these alterations did not effect the integrity of the reconciliation. 

 

How did we do?

Fast Coding

Reconciling your accounts

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