What Is Bank Reconciliation?
Bank reconciliation is the process of matching the transactions in Acculyt AI against your actual bank statement to ensure they agree. This catches errors, duplicate entries, and fraud.
When to Reconcile
We recommend reconciling monthly, typically when you receive your bank statement. Acculyt AI keeps a running reconciliation status so you can see at a glance which transactions are matched.
Step 1: Import Bank Transactions
If you have a live bank connection (via Plaid), transactions import automatically daily. If not:
- Download your bank statement in CSV or OFX format from your bank's online portal.
- Go to Banking → Import Transactions.
- Upload the file and map the columns (date, description, amount).
Step 2: Open the Reconciliation Tool
- Go to Banking → Reconcile.
- Select the bank account to reconcile.
- Enter the closing balance from your bank statement and the statement date.
- Click Start Reconciliation.
Step 3: Match Transactions
Acculyt AI uses AI to automatically match bank transactions to entries in your books:
- Green = automatically matched with high confidence
- Yellow = possible match — review and confirm
- Grey = unmatched — needs manual attention
For unmatched transactions, you can:
- Match manually: Search for the corresponding invoice/expense
- Create new: Record a new expense or income if it's not in the books yet
- Mark as transfer: For movements between your own accounts
- Exclude: For non-business transactions (e.g., personal transfers)
Step 4: Complete the Reconciliation
When the Difference column shows $0.00, your books match your bank statement perfectly. Click Finish Reconciliation.
Acculyt AI saves a snapshot of the reconciliation and locks those transactions from future editing, maintaining a clean audit trail.
Common Reconciliation Issues
Outstanding cheques: Cheques you've written that haven't cleared the bank yet. These appear in your books but not on the bank statement — normal.
Outstanding deposits: Deposits you've recorded that are still in transit. Will appear on next month's statement.
Bank errors: Rare but possible — contact your bank if you spot a discrepancy on their end.
Duplicate transactions: If an import creates a duplicate, delete the duplicate and match the original. Use the Duplicates Report under Banking → Reports to find them quickly.