Bank Reconciliation Tool
With the help of the Bank Reconciliation Tool in ERPNext, users can reconcile the transactions in ERPNext with the data displayed on the bank statement. This ensures that your company's books are up to date and correct, matching the actual bank data.
When several charges, withdrawals, or deposits have been reported in the bank but have not yet been reconciled in ERPNext, it is quite beneficial.
1. Prerequisites
Before using the Bank Reconciliation Tool, confirm that:
There is already a Bank Account and a Bank.
Bank transactions can be synchronised or imported via Bank Integration (e.g., Plaid) or Bank Statement Import.
2. How to Use the Tool
Choose the Bank Reconciliation Tool under Accounting > Banking.
Select the time period you want to reconcile and the Bank Account.
If you haven't already set up live integration, upload your Bank Statement CSV.
The screen will display the following:
Transactions in ERPNext.
Transactions in the uploaded/imported bank statement.
Use the following to match transactions:
Amount
Date
Reference (Cheque no., Transaction ID, etc.)
Save and consolidate.
3. Key Features
Auto-Match Suggestions: ERPNext now makes date-and amount-based match recommendations for transactions.
Partial Matching: Takes into account circumstances where the sums differ slightly (e.g., bank charges withdrawn). Unmatched or pending transactions are shown in the Unreconciled Transaction List.
Direct Link to Bank Transaction: A transaction's Bank Transaction record is opened when you click on it. The technology maintains a precise record of reconciled data for compliance, making it friendly to audits.
Financial management becomes more transparent and audit-compliant when the Bank Reconciliation Tool in ERPNext makes it easier to verify the official records of the bank with the books of your business.