Overview
Reconciliation Statements in SoftLedger allow you to verify and track the balance between your ledger accounts and bank statements. This process ensures financial accuracy by identifying discrepancies between your internal records and external bank statements and allows you to track uncleared deposits and outstanding checks.
The following video gives you introduction to this module:
The Reconciliation Process
Prior to starting the reconciliation process, confirm all transactions for the period have been booked in the general ledger.
If using bank transactions, be sure that the Plaid connection is current or a Custom feed has been created, and all transactions for the period are booked/linked.
If using the ledger account within AP/AR, be sure Bills and Invoices are processed and paid to reflect payments using the ledger account for the period.
Once you have ensured all bank transactions have been booked for the month, you can begin your reconciliation by going to Cash Management > Reconcile.
Create a new reconciliation by clicking +New and adding required details
Location: Select the organizational location.
Ledger Account: Choose the account to reconcile.
Currency: Specify the currency (custom currencies not supported).
Balance: Input the bank statement balance.
Statement Date: Set the end date (e.g., YYYY-MM-DD). Reconciliation Statements must be done in chronological order.
Reference: Add a unique identifier (e.g., statement number).
Ensure the Statement Date is after the last closed statement for the same account/location/currency combination. Once all information is entered, click submit and you will be directed back to the home page.
The Reconciliation you just created will appear at the top of the list. Click on the linked reference you created in order to get started.
Statement Information
The Statement is broken into two parts: at the top, you'll see the summary tables with the information you put in to create the Statement, the progress of your reconciliation, and a comparison of your Cleared Balance to your Book Balance (General Ledger balance of the account as of the Statement Date). The bottom part of the Statement is the list of all journal lines for your account and reconciled/unreconciled status.
Statement Details
Statement Details
Field | Description |
Statement Date | The end date of the statement, as entered by the user. |
Last Statement Date | The end date of the previous statement (if one exists). |
Ledger Account | The account being reconciled. |
Location | The Location that owns the account. |
Currency | The currency of the account being reconciled. |
Status |
|
Closed On | Timestamp when the statement was |
Balance Summary
Balance Summary
Field | Description |
Statement Balance | The balance entered by the user from the bank statement. |
Cleared Balance | Equals Ending Cleared Balance |
Variance | Difference between |
Beginning Balance | The balance from the previous statement. |
Deposits | Sum of reconciled debit amounts for this statement period. |
Payments | Sum of reconciled credit amounts for this statement period. |
Ending Cleared Balance |
|
Reconciliation Status
Reconciliation Status
Field | Description |
Booked Balance | General Ledger balance for this account as of the Statement Date. |
Unreconciled Amount | Difference between |
Linked Bank Accounts
Linked Bank Accounts
Displays a list of bank accounts linked to the statement’s ledger account. Clicking a bank account opens its Bank Feed in a new tab, filtered to the statement’s date range.
Reconciliation Table Features
The Reconciliation Table displays the journal lines from all transactions available for reconciliation based on the criteria of the Statement.
Marking a Line as Reconciled
Select one or more journal lines from the table and click the check mark at table top to mark the line(s) as reconciled. You are able to bulk reconcile and bulk unreconcile Journal Lines in this table.
For more information, watch the video at the beginning of this article: Reconciliation Statements Run Through
Note: You can also remove a reconciliation checkmark by selecting one or many journal lines and clicking the X icon to mark the line(s) as unreconciled.
Default Columns
Default Columns
Reconciled: Status indicator (reconciled lines display a checkmark).
Source: Bank (from Bank Transactions) or Journal (manual entry).
Reconciled Date: Date the item was reconciled.
Journal Number: Unique journal identifier.
Ledger: Associated ledger account.
Reference: Transaction reference.
Transaction Date: Date of the transaction.
Posted Date: Date posted to the ledger.
Status: Transaction status (Draft/Posted).
Debit: Debit amount.
Credit: Credit amount.
Additional Columns
Includes fields like Line ID, Description, Cost Center, Product, Customer, Vendor, and Custom fields (if enabled).
Default Sort
Posted Date (descending)
Sortable Fields
Posted Date, Reconcile Date, Journal Number, Ledger, Transaction Date, Debit, Credit, and more.
Filterable Fields
Cost Center, Credit, Debit, Description, Journal Number, Ledger, Reconciled status, and more.
Prepare Statements in Chronological Order
Statements must be prepared in chronological order to ensure beginning balances of your bank accounts are reflected correctly in each Statement.
In order to ensure your Reconciliations are done in the appropriate order, you will not be able to create statements with dates earlier than existing statements. SoftLedger will automatically set the last statement’s end date as the beginning date for the next statement.
Managing Statements
You can edit, lock and delete Statements on the main page. Remember not to delete Statements that precede any Reconciliation Statements you wish to keep.
