Banking and reconciliation

Open Accounting > Banking to manage permitted company bank accounts, review ledger activity and use the statement-matching and reconciliation workflows.

Import a supported statement, review potential matches, and confirm or correct them before completing reconciliation. The bank shows one debit for a payment run’s NACHA file, so when a bank line equals the total of one run’s ACH payments, the inbox suggests all of them together as a high-confidence match. Enter a valid statement ending balance and inspect the difference. If an adjustment is needed, provide the required reason and review the resulting accounting entry. One person can post only a small adjustment: above the reconciliation adjustment limit in accounting settings (or, when none is set, at or above the journal approval threshold), record the difference as a bank transaction, have it approved, clear it, then finish.

A finished reconciliation needs an independent review: a different user who can close periods or approve journals opens it and selects Review and sign off. The person who finished it cannot review it, and the period close waits for the review.

If a reconciliation shows “Reconciliation needs attention”, it refers to a ledger line that no longer belongs in it, such as a voided line, a line dated after the statement, or a line on another account. If it is still in progress, cancel it from that page and start again. If it is finished, a controller can undo it from that page. Cancelling or undoing leaves those lines as they are and records which links were dropped in the audit log.

A check you write waits for a second person with payment release permission to release it before it posts, prints or goes out on positive pay, and it must name a payee. Deposits, withdrawals and card transactions at or above the journal approval threshold, including ones created from a statement line, wait for a second person who can approve journal entries; approval posts the entry and matches the statement line. Documents waiting for approval are listed on the bank account page under “Waiting for approval”, and the accounting home page shows how many are waiting on each account.

Entity-restricted users see authorized ledger activity. Whole-account operations such as statements and reconciliation require access to the complete underlying activity; an account shared across entities can be unavailable to a restricted user. Bank-file generation is an export workflow and does not itself transfer funds.

The banking page’s 13-week cash forecast starts from the book balance of your cash accounts and adds postdated cash entries, recurring journals, open AP bills on their due dates (bills in a draft payment run on the run’s pay date instead), open AR invoices on their due dates (the API takes a collection lag in days), and payroll: pay runs not yet posted on their pay dates, then each pay group’s next regular pay dates at its last posted run’s gross pay plus employer cost. Past-due items land in the first week. Holds are not subtracted.

Use the supported void or reversal path for errors and review the period before posting a correction. See Accounting controls.

Changing a company bank account’s account or routing number takes two people. The change is saved as pending and checks, positive pay and ACH files keep using the old numbers until a second person with vendor banking permission approves it; the person who asked can’t approve their own change. A bank account’s entity can’t be changed once it has ledger activity: open a new bank account for the other entity. Bank accounts are in the company’s base currency; another currency is refused until multi-currency is available.

Each positive pay file you download is saved as a numbered batch, listed on the bank account page. If a download is lost, regenerate the batch to get the same checks again without sending anything twice. If the statement ending balance you type differs from the closing balance of a statement imported for the same date, the reconciliation shows a warning, and finishing anyway records it in the audit log.