Bank Reconciliation
Bank reconciliation matches expense records with bank or card transactions to ensure accuracy and eliminate errors or duplicates. Automated systems sync with accounts, using smart logic to match transactions by date, amount, and merchant. Unmatched items are flagged for review, supporting multi-bank and multi-currency reconciliation. Reports highlight unreconciled transactions, and approved expenses sync with accounting software, ensuring clean financial records. Locking reconciled entries prevents edits, enhancing audit readiness and financial close efficiency.
Frequently Asked Questions:
What is bank reconciliation in expense management?
Bank reconciliation is the process of matching expense records in the system with actual bank or card transactions ensuring your books are accurate and free of errors or duplicates.
Why is bank reconciliation important?
It helps identify missing transactions, prevents duplicate payments, ensures policy compliance, and keeps financial reports accurate essential for clean audits and confident decision-making.
How does your platform automate reconciliation?
We sync with your bank accounts and corporate cards to pull transaction data. Then we automatically match those transactions to submitted expense entries using smart logic (based on date, amount, and merchant).
What happens if a transaction doesn’t match an expense?
Unmatched transactions are flagged for review. You can manually match, split, or create a new expense directly from the unmatched transaction in just a few clicks.
Can we reconcile across multiple bank accounts?
Yes. Our platform supports multi-bank and multi-currency reconciliation, giving your finance team a unified view of all accounts in one dashboard.
How often should reconciliation be done?
You can reconcile daily, weekly, or monthly based on your workflow. Automated syncing makes it easy to stay current without manual tracking.
What about partial matches or transaction splits?
We support partial matching and splitting. If a single transaction covers multiple expenses (e.g., hotel + meals), you can allocate accordingly and reconcile line by line.
Is there a report for unreconciled items?
Yes. You’ll get a dedicated report showing all unreconciled transactions, making it easy to follow up or investigate any anomalies.
Can we lock reconciled entries?
Definitely. Once a transaction is matched and approved, it can be locked to prevent further edits ensuring your records stay consistent.
Does reconciliation impact accounting integration?
Yes. Only reconciled, approved expenses are pushed to your accounting software ensuring your general ledger reflects accurate, verified data.
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