Reconciling Accounts

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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 to Reconcile an Account

The simplest way to reconcile an account is to visit your Chart of Accounts, find the account in question, and select "Reconcile" from the account's action drop-down menu. Then:

  1. Enter the date of the account statement and begin your reconciliation
  2. Go through each line item on your account statement and select the matching transaction in MonkeyPod. If your books are thorough and up-to-date, they should all be there. 
  3. 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 now from the reconciliation page.
  4. 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.
    1. Save the reconciliation in progress
    2. Record the missing transactions
    3. Then return to your reconciliation in progress
  5. You'll know the reconciliation is complete when all line items have been matched up and the closing balance in MonkeyPod matches the closing balance on your account statement. 
  6. Optionally, upload a digital copy of your account statement so that it is stored alongside the reconciliation report.

Saving a Reconciliation in Progress

If you need to save a partially completed reconciliation so you can return to it later, just click:

Finishing a Reconciliation

When everything matches up between your account statement and your reconciliation, it's time to finalize it. You can do that by clicking:

How to 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 to PDF" button to do just that:

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