Statement Reconciliation

Easy Books allows transactions to be reconciled against a paper statement. This is typically done using the bank statement and the electronic copy together. Each transaction shown on the bank statement should have an entry in the app. By reconciling the statements, we can see easily if there are any missing transactions that need to be recorded. Tap on the Statements icon on the main screen to bring up the list of accounts that use statements.

In this example, we have received a statement for the MBNA credit card. Tapping on the MBNA line shows the list of statements already entered for that account. To add a new statement, tap on the + button. The date should be set to match the date of the statement. The opening balance should be set for the first statement and the app keeps track of this for subsequent statements. Once created, the statement contains no transactions, so tap on the Lines button to add the transactions to the statement. (The screenshot shows an existing statement with lines already added to it)

The app shows a list of transactions that do not yet appear on a statement. Simply drag the transaction lines from the bottom section to the top. It is not necessary to keep the transactions in the same order as the paper statement, but it can help to do this because the app calculates the statement balance on each line and this can be used as an aid if there are any differences on the paper statement. It is recommended to reconcile all statements before consolidating profit and loss or filing a VAT return.