# Bank Reconciliation

### **Bank Reconciliation**

##### The **Bank Reconciliation** in a **Uniq365** streamlines the process of matching a company’s **bank transactions** with its **accounting records**, ensuring accuracy and consistency in financial data. This feature automates the import of bank statements, automatically matches transactions, and identifies discrepancies like missing or unmatched entries. It allows users to adjust records, post corrections, and generate detailed reports on the reconciliation process. With real-time updates, audit trails, and multi-currency support, the feature improves efficiency, reduces errors, and enhances cash flow management, providing businesses with a clear, up-to-date financial overview.

<span style="color: rgb(0, 0, 0);">[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-01/scaled-1680-/mlpimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-01/mlpimage.png)</span>

<span style="color: rgb(0, 0, 0);">When you start a new company database, one of the figures you enter as an opening balance is the bank balance. This is not the balance as per the bank statement (unless there are no outstanding items) but is the balance per your books. </span><span style="color: rgb(0, 0, 0);">The difference between the two is usually unpresented cheques or deposits i.e. transactions that have been recorded by you but have not hit the bank statement.</span>

<span dir="ltr" style="color: rgb(0, 0, 0);">Let’s use an example to illustrate the way to treat Unpresented Cheques or deposits when you start using UNIQ365:</span>

<span style="color: rgb(0, 0, 0);">[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-01/scaled-1680-/ssWimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-01/ssWimage.png)</span>

<span style="color: rgb(0, 0, 0);">Go to GL Opening Balance option, enter your opening balances (i.e. Assets and Liabilities) as per normal but take note of the transaction for your bank. Instead of entering $20,000, you should enter the Bank opening as shown in the screen below:</span>

<span style="color: rgb(0, 0, 0);">[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-01/scaled-1680-/Keiimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-01/Keiimage.png)</span>

<span lang="EN-US" style="font-family: 'Segoe UI', 'sans-serif'; color: rgb(0, 0, 0);">Hence, the eventual balance of your cashbook is still $20,000. Also, you will be able to see the unpresented cheques or deposits in the Bank Reconciliation screen as shown below:</span>

<span style="color: rgb(0, 0, 0);">[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-01/scaled-1680-/MoRimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-01/MoRimage.png)</span>

1. <span lang="EN-US" style="font-family: 'Segoe UI', 'sans-serif'; color: rgb(0, 0, 0);">Select the bank code.</span>
2. <span lang="EN-US" style="font-family: 'Segoe UI', 'sans-serif'; color: rgb(0, 0, 0);">Choose the year and period for the reconciliation.</span>
3. <span lang="EN-US" style="font-family: 'Segoe UI', 'sans-serif'; color: rgb(0, 0, 0);">Key in the Closing Balance per Statement</span>
4. <span lang="EN-US" style="font-family: 'Segoe UI', 'sans-serif'; color: rgb(0, 0, 0);">Click on "Start"</span>
5. <span lang="EN-US" style="font-family: 'Segoe UI', 'sans-serif'; color: rgb(0, 0, 0);"> Tick the line with amount as per the balance of your bank statement.</span>
6. <span lang="EN-US" style="font-family: 'Segoe UI', 'sans-serif'; color: rgb(0, 0, 0);">Then, you will see the Bank Reconciliation report as follow:</span>

<span style="color: rgb(0, 0, 0);">[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-01/scaled-1680-/8l4image.png)](https://doc.uniq365.com/uploads/images/gallery/2025-01/8l4image.png)</span>

#### <span style="color: rgb(0, 0, 0);">TRANSACTIONS TO BE RECONCILED CAN BE VIEWED BY THE FOLLOWING FILTER:</span>

- <span style="color: rgb(0, 0, 0);">**Show unreconciled** - this filter will show all the unreconciled transactions.</span>

[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-02/scaled-1680-/PZEimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-02/PZEimage.png)

- <span style="color: rgb(0, 0, 0);">**Show Reconciled** - this filter will show all the reconciled transactions.</span>

[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-02/scaled-1680-/84bimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-02/84bimage.png)

- **<span style="color: rgb(0, 0, 0);">Show All </span>**<span style="color: rgb(0, 0, 0);">- this filter will show all transactions that are to be reconciled.</span>

[![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-02/scaled-1680-/SfPimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-02/SfPimage.png)

- <span style="color: rgb(0, 0, 0);">**Show Current Month** - this filter will show all transactions for the current month.  
    </span>
    
    [![image.png](https://doc.uniq365.com/uploads/images/gallery/2025-02/scaled-1680-/xFrimage.png)](https://doc.uniq365.com/uploads/images/gallery/2025-02/xFrimage.png)