How to Reconcile an Account
When you receive an account statement (usually monthly) for a bank account, credit card account, or some other asset or liability account, you'll want to reconcile the account to make sure everything in MonkeyPod is correct and in sync with your financial institution.
How do I reconcile an account in my MonkeyPod?
The simplest way to reconcile an account is to visit your Chart of Accounts. Choose Finance from the main menu, then select Chart of Accounts.
From here, find the account you'd like to reconcile, and select the Reconcile icon.
Next, enter the date of the account statement and select Start New Reconciliation.
Go through each line item on your account statement and select the matching transaction in in the list of "Unreconciled Debits" or "Unreconciled Credits". If your books are thorough and up-to-date, all of the transactions should be there.
You'll know the reconciliation is complete when all line items have been matched and the closing balance in MonkeyPod matches the closing balance on your account statement.
Add Adjustments from Statement
If you need to add interest payments or finance charges (i.e. transactions that only appear on the account statement itself), you can add them here directly on the reconciliation page. Just enter the amount and date of the transaction, then select the appropriate account and click the check mark to save the entry.
If there are other transactions from your account statement that are not in MonkeyPod, you'll need to add them before you can finish your reconciliation. This requires:
- Saving the reconciliation in progress (described below)
- Recording the missing transactions
- Returning to your reconciliation in progress
How do I save a reconciliation in process?
If you need to save a partially completed reconciliation click Save And Finish Later.
When you return to reconciling the account, you'll see the reconciliation listed along with any past reconciliations, but the incomplete reconciliation will display "In Progress" as the status. Select the statement date to view the reconciliation.
Next select Edit reconciliation to continue reconciling the account for that statement.
Tip: You can also find all reconciliations—in progress or closed— by choosing Reports > Reconciliations from the main menu.
How do I finalize a reconciliation?
When everything matches up between your account statement and your reconciliation, it's time to finalize it, to do this click on Finalize Reconciliation.
How do I print a Reconciliation Report?
After you've finalized your reconciliation, you may want to export it to a PDF so that you can save, print, or share it with others. When viewing the reconciliation, you can use the Export As PDF button to do just that:
Frequently Asked Questions
Can I modify a reconciliation after it's been finalized?
The short answer to this one is no. However, you can delete the finalized reconciliation and create a new one. To remove the reconciliation go to Reports then Reconciliations.
Can I upload a digital copy of my account statement to store with the reconciliation?
Absolutely! And that's a great idea to do so. Just drag and drop, or upload, a PDF version of the statement in the "Bank Statement" area of the reconciliation.
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