Do a bank reconciliation? | lessaccounting

Do a bank reconciliation?

Creating a new bank reconciliation:
  • Head to your Reporting page and click "Bank Statement Reconcilition" under Accounting Tools
  • Click "create statement to reconcile" next to the account you want to reconcile.
  • Enter the date range you'd like to reconcile. I recommend doing one month at a time, using the date range that your bank statements use.
  • Enter the starting and ending balances from that date range. These should be found somewhere on your bank statement. 
  • Enter your expense and deposit totals
  • Click "Save" and you'l be shown a list of all the transactions in that date range
Your goal is to have $0.00 in Uncleared Expenses and Uncleared Deposits, meaning everything matches.
 
How to reconcile:
  • Checkmark only the items that are on your bank statement. This should result in $0.00 worth of uncleared items on the right side of the reconciliation screen.
  • Click "Save" when you're done.
What to do if you find discrepancies:
  • If there is a duplicate or an item that is in Less but not on your bank statement, just click the title to open the transaction edit screen and delete it.
  • If there is a missing transaction, simply add it in by clicking one of the "Add" buttons at the top of the reconciliation page depending on the type of transaction