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Help centre · Finance

Bank reconciliation

Import your bank's statement, match its lines to the books, book bank charges and interest, and see when the ledger and the bank agree.

Who can do this: Viewing needs View accounts. Importing, matching, booking and excluding lines need Manage accounts (Tenant admin by default).

What reconciliation means

Reconciling means checking that every line on your bank statement is in your books, and every bank line in your books appears on the statement. It catches missed bank charges, mistakes and payments that never cleared.

Finance → Bank works on one payment account at a time. Choose it in Account. If the list is empty, flag your bank account with Use for payments under Finance → Chart of accounts first.

Import a statement

  1. Export the statement from your bank's online banking as a CSV file.
  2. Choose the Account and click Import statement.
  3. Click Choose CSV file. If your bank's file does not work, click Download CSV template to see the expected columns: date, description, reference, amount, balance.
  4. Check the Columns. Sevo guesses which column is the Date, Description, Reference, Amount (signed), Debit / money out, Credit / money in and Balance. Fix any that are wrong.
  5. Tick Dates are day/month/year if needed, or Money out is positive in this file (flip the sign) if withdrawals show as positive.
  6. Check the Preview and any rows listed as skipped, then click the Import button, which shows how many lines will come in.

Lines already imported are skipped, so overlapping exports are safe.

Match the lines

On import, a line is matched automatically when exactly one unmatched entry on that account has the same amount within 5 days. It shows as Matched with the word auto.

  1. Open the To reconcile tab and click Match… on a line.
  2. Under Journal lines this could be, pick the right entry and click Match. Tick the option to show every unreconciled ledger line if the amount differs.
  3. If nobody has entered it yet (a bank charge, interest, an owner transfer), use Or book it as a new entry: choose the Other account, for example Bank charges, add a Memo, and click Book & match.
  4. Use Exclude for a duplicate or a line already covered by another. Excluded lines can be restored.
  5. Use Unmatch to undo a wrong match.

Read the summary

The top of the screen shows the Ledger balance, the Bank balance on the last statement date, the number of unmatched bank lines and ledger lines awaiting the bank. When everything is explained it says Reconciled. Otherwise it shows the unexplained difference to look for.

Show imports lists each imported statement. An import can be deleted only while none of its lines is matched.

Unmatched bank lines give a warning on the month-end checklist, so reconcile before closing a month.

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