Bank reconciliation (2024)

147 views 27 December 2016 19 January 2024 16 minutes

January 19th, 2024

Benefits of bank reconciliation

The idea behind the module is that you import all your transactions from your bank. These transactions must then either match transactions made to your bank account in Uniconta, or be transferred to a ledger, and posted from here to your bank account in Uniconta so that they become transactions in Uniconta.

For each account in the chart of accounts, which is of type “Bank”, we will have a bank reconciliation history.

The purpose of bank reconciliation is to reconcile transactions in the bank with the transactions in the bank account in Uniconta so that the balance matches. The bank transactions are exported from the bank and imported into Uniconta, and then matched to the transactions in the bank account in Uniconta. Multiple bank accounts can be reconciled with multiple bank accounts in Uniconta, including reconciliation of foreign currency accounts. Other types of accounts, such as Credit cards, loan or lease accounts can also be reconciled. Uniconta is made to have 1 bank account per currency.

In the company currency bank account, i.e. the bank reconciliation account where no currency code is attached, it is possible to invoice and receive payments in other currencies. For reconciliation to work, the bank file is required to contain the amount in currency, as well as the currency code.

The bank reconciliation finds any differences and has them clarified and booked. So instead of reconciling manually by “ticking” the two printouts, the one from the bank and the one from Uniconta, or by reconciling a screen with bank records in Uniconta with the bank Online, the bank reconciliation is now done electronically in Uniconta, while discrepancies are settled directly in Uniconta.

The advantages of using bank reconciliation/bankconnect:

Required setup

Fill in the Account type field with the value Bank of the accounts in the chart of accounts that are a bank account (General ledger/Chart of Accounts)
Create bank reconciliation under General ledger/Bank reconciliation
Customize any file format if you want to import bank transactions by using the bank file format. files from the bank. Read more here

Create bank reconciliation

A bank reconciliation must be created before information can be exchanged with the bank.
Note! Bank reconciliations can only be created on accounts in the chart of accounts that have the account type ‘Bank’.

Select General ledger/Bank Reconciliation
Select the Add Bank Account button on the ribbon
Fill in relevant fields (see description of the fields below under ‘Fields in the bank reconciliation overview’)

Fields in the bank reconciliation overview

Field name	Description
Account	Enter/select the account number of your bank account in the chart of accounts, Note! A Bank Account can only be selected if it has the account type ‘Bank’ in the chart of accounts. Read more about how to choose account types in the chart of accounts here.
Name	Enter a name for the bank account. This name will appear in your bank reconciliation summary.
Opening balance	Here you must enter the balance in your bank account as of the date on which you first want to use the bank reconciliation function. That is, if you e.g. want to start using bank reconciliation in Uniconta d. 1/1 2022, then enter the balance as of 31/12 21 in this field. Check that the balance in your bank account in Uniconta matches the balance in the bank on this date. If it doesn’t, enter the balance from another date when the balance in the bank matches the balance in Uniconta so that you can use the bank reconciliation function in Uniconta to find the difference in your bank account.
Number of days	The bank reconciliation will automatically try to match transactions from the bank statement from the bank with the transactions you have posted to the bank account in Uniconta by comparing the date and amount. By entering 3 in this field, you allow the system to match records, although there is up to 3 days difference, as long as the amounts match. The default value is 3, but can be extended up to 60 days.
Maximum pennydifference	This works just like Number of days, but in proportion to the amount. It is NOT recommended to enter an amount in maximum penny difference, because then transactions that do not have equal amounts will be offset with each other if the difference is less or equal to the amount entered in this field.
SWIFT	Enter your SWIFT number in the bank. You only need to fill in the field if you want to use the vendor payment feature in Uniconta.
IBAN	Enter your IBAN number at the bank. You only need to fill in the field if you want to use the vendor payment feature in Uniconta.
Service ID	If the bank integrations (Aiia) is used, then the Service ID can be inserted here, then the ID will be suggested in the dialog box for ‘Connect to financial institution’
Journal	Select the posting journal to which you want to transfer transactions on the bank statement that have not already been posted.
KeepOriginalText	If checked, the original text from the bank statement for vendor entries without invoice numbers will be used.
Bank registration number	Enter the registration number of your bank account. You only need to fill in the field if you want to use the vendor payment feature in Uniconta.
Bank account	Enter the bank account number of your bank account. You only need to fill in the field if you want to use the vendor payment feature in Uniconta.
Currency code	Fill in the field if your bank account is in foreign currency, e.g. in EUR. Simply fill in the field with “-” if the bank account is in the same currency as your default currency in the accounts. That is, if you are a Danish company and the bank account is in Danish kroner, then the currency must be “-“.
Dimensions	If you use dimensions in your financial statement, you can choose which dimension, for example, department the bank account belongs to.
Balance	The field appears only on the bank reconciliation summary and not when you create/edit a bank reconciliation. The field shows the balance from the last line loaded below the bank statement entries.
Last date	The field appears only on the bank reconciliation summary and not when you create/edit a bank reconciliation. The field shows the last date on the imported bank statement entries.
Last bank inquiry	The field shows the time when the bank integrations (Aiia) last queried the bank for new banking transactions.
Balance sheet	Specifies whether each bank account has an active connection to Aiia or whether the connection is Inactive and therefore needs to be renewed.

Make bank reconciliation

Once you’ve created a bank account under the bank reconciliation summary, and loaded a bank statement file using the bank statement file, you’ll be able to create a bank account in the bank reconciliation summary The Load File button (see description of how to do this above, below the description of the buttons on the ribbon) and you’re ready to do the actual bank reconciliation.

Select the Reconcile Lines button.

The lines from the import from the bank will appear in the top (or left) image, and the transactions in our account “bank” in Uniconta will appear at the bottom (or to higher). Use the Switch View button to switch between viewing the two screens above each other or next to each other.
If there is a currency code and amount in currency, then it can be settled in currency when the account is in company currency. and i.e. where there is no currency code in the ledger account.

The bank transactions and transactions are marked with one of four colors:
Red circle = Unmatched
Yellow Circle = reconciled, but the corresponding entry in Uniconta has not yet been posted, but simply placed in a posting journal
Green circle = Reconciled
Black circle = Rejected (=the record should just be ignored). Read more about declining a transaction further down in this article.

When you line up on a green entry under Bank statements, the cursor will place itself on the corresponding matched entry under Transactions, and vice versa.

Buttons on the bank reconciliation overview

Button	Description
Add bank account	Select this button if you want to add a new bank account to your bank reconciliation summary. The fields under Add bank account are described above.
Edit	Click here to edit a bank account. For example, you can change the information you filled in when you created the bank account during Bank Reconciliation.
Update	Refreshes the page if changes don’t appear yet.
Layout	As in many other Uniconta pages, you can create your own layout for bank reconciliation. Read more here.
Reconcile lines	Select this button if you would like to see your reconciliation, i.e. the individual items that have been reconciled/need to be reconciled, etc. Read more about the bank reconciliation itself further down in this article.
Remove reconciliation	If the reconciliations between the entries entered from the bank and the posted entries in the bank account in Uniconta are not correct, then you can remove the reconciliations in a desired date range and/or only those with a specific posting number so that the reconciliation can be done again.
Bank statement	View an overview of the records entered from the bank and loaded to Uniconta. These are the same entries that can be seen at the same time as the ledger entries if you select the Reconcile lines button.
Finansposter	View an overview of the ledger entries that are posted to the current bank account in Uniconta. These are the same entries that can be seen at the same time as the bank statement entries if you select the Reconcile lines button.
Reconciliation report	Here you can have a reconciliation report printed so that you can quickly see which items represent a possible difference between the bank statement entries and the posted entries in the bank account in Uniconta.
Load file	Select this button to load new bank entries from your bank to the Uniconta reconciliation. From most online banking solutions, a CSV file can be downloaded with the bank statement entries, and it is this that can then be loaded to Uniconta here. Read more about loading bank statements here You can also import a bank statement directly into a posting journal as described here. The advantage of loading the records for the bank reconciliation is that the same record will not be imported twice. Since the bank module has all the records from previous entries, it will not load the same record again. So you don’t have to be afraid that you get the same entries from the bank several times. Use the Browse button to locate the file you want to import from. Attach is for documentation purposes only. Import definition setup. Read more Automatic account selection. Read more. Select the Import button after you have designated the file and made other selections. OBS error message “no lines found” if there are errors in file format, check under “edit file format”
Delete imported	It is always possible to delete imported bank entries and start over. If you press this button, you are allowed to choose the date range you want to delete and/or indicate that it is entries with a specific posting number or attachments that are deleted. On the bank account entries under the Reconcile button, you can also check the box Invalid on the records you want to delete, and then in connection with the deletion mark that only these invalid bank statement entries should be deleted.
Connect to financial institution	This button is used to set up the connection between Uniconta and your bank using Aiia. You’ll only see this button if you’ve checked the AutoBanking box in the Add-on checkout under Company/Maintenance/Turn Features On/Off Features. You can read more about setting up and using Aiia here.
Log	Banklog – see further description here
All fields	A shortcut to display all fields on a line.

Buttons in voting

Button	Description
Save	Remember to save changes or create your profile to save automatically.
Edit journal lines
Last Month, Next Month and Period	With these buttons, you can flip between months in the match
Period	It is possible to choose a period for reconciliation
Update	If you’ve made changes to records or anything else while you’ve had the reconciliation image open, you can update the information in your screenshot using the Update button
Layout	As in many other Uniconta pages, you can create your own layout for bank reconciliation. Read more here.
Physical vouchers	Physical vouchers may be attached to bank records. There are several ways to attach a physical voucher to bank records: Simultaneously with bank reconciliation After uploading to journals After the bank entries are posted.
Transactions on vouchers	If you select an already posted bank transaction, you can use the bank transaction to select a bank transaction. This button displays where the bank transaction is counterposted, and more. From here, it is then possible to subsequently edit the transaction if, for example, it should have been posted to another bank account or another date.
Add/Remove Reconcile	You have the option to cancel a reconciliation (match) and manually create a reconciliation instead. Select the small check box next to the bank transaction(s) from the bank statement, as well as the posted bank transaction(s), and select the Add reconcile button to make a manual reconciliation between the transactions. You can see in parentheses what the sum of the selected amounts is, as well as how big the difference between the selected items is. When transactions are reconciled, either automatically or manually, they are colored green. Transactions that have not yet been reconciled are red Entries that have been uploaded to a posting journal but not yet posted are yellow.
Automatic reconciliation	When the reconciliation image opens, the system will automatically conduct a match. That is, the system will try to match the amounts entered from the bank (i.e. the bank statement) with the entries you have posted to your bank account in Uniconta. When transactions are reconciled, either automatically or manually, they are colored green. Transactions that have not yet been reconciled are red Entries that have been uploaded to a posting journal but not yet posted are yellow.
Decline transaction	For example, if you have posted an incorrect transaction to the bank account in Uniconta, but have also posted a reposting that removes the amount again, then these two posted bank entries will remain red in your bank reconciliation, as they will not appear on your bank statement. To make the bank reconciliation ignore these transactions, select the small check box to the left of one of the two posted transactions and select the Reject transaction button. Repeat this with the second of the posted transactions. Watch minute 19 of this Uniconta youtube VIDEO.
Settle Difference	With this feature, you can select 2 lines and post the difference if the amounts do not match equally. For example, if it concerns exchange rate difference, the difference is posted to the Exchange Rate Difference account (the account in the chart of accounts that is set to exchange differences) All other differences are posted to the penny difference account. You must select the 2 lines by clicking in the checkbox and then select the function Settle difference by confirming the following, a difference entry is now automatically posted and the reconciliation is made. The same prompt appears in connection with exchange rate difference.
Add posting rule	Here you have the option to add a posting rule, i.e. make a setup for automatic account selection, in the same way as possible when you load the file from the bank. For example, if you have an interest transaction among your bank statement entries, and you always post the interest on the same account in the chart of accounts, then you can fill in the field Account next to your interest rate transaction, then select the Add posting rule, so that the system will automatically be able to propose this interest account the next time bank entries with the same interest rate text are imported. The posting rules can be viewed in a consolidated list per bank account under General ledger/Bank Reconciliation/Load File button/Auto account selection button. In this list, the rules can also be edited and deleted. Version-91: A posting rule will be the first priority when loading over other information on the transaction.
Open records	If you select a transaction on your bank statement where you have filled in the Account field with a customer or vendor number, then you can use the Invoice field. Open records button settle the payment. The open entries are also displayed by selecting F8.
Transfer to journal	Select this button when you want to transfer entries to your posting journal. The entries transferred to the posting journal are ONLY red entries from the bank statement, i.e. imported bank movements from the bank that have not been matched manually or automatically with the posted bank transactions in Uniconta. When the records are uploaded to the journal, they automatically change color from red to yellow. Only when the journal entries are posted do they change color to green. ‘Journal’: Select the journal to transfer the bank transactions to. ‘Column (Bank)’: Select whether the bank account should be offset account or account in the journal. From/To Date: Select the date range for the transactions to transfer to a journal. ‘Account number lines only’: Check the box if only lines with the account number are filled in in the bank reconciliation image should be transferred to the journal. Alternatively, the missing account numbers can be filled in in the posting journal before posting. ‘Assign document number’: Check the box if you want document numbers to be automatically added to the journal. However, if you have set up your posting journal to assign document numbers when posting, do not check this box. Note! If your bank statement contains transfers between two bank accounts, then 2 lines without an offset account are transferred to the posting journal. This is because each line can then appear as yellow entries in separate bank reconciliations for each bank account if both bank accounts are created under Bank Reconciliation. And in this particular case, it is an advantage to set up the journal to first assign document numbers when posting. Otherwise, the 2 lines will each be assigned their own voucher number in the journal.
Change orientation	Choose whether you want to see transactions and bank statement information side by side or one above the other. The button switches between the two views when the button is selected.
Hide green	Select this button if you want to hide matched records, i.e. green transactions, so that you only see the records that need to be matched.
Offset account	Select this button and select/enter where to offset the entered bank transaction. This feature can be used advantageously if the amount from the bank is to be divided and posted to different cost accounts. Read more about this feature here.
From/to date	Here you can see what period is being reconciled.
All fields	Select this button to display the contents of all fields on the selected line.

Posting of bank reconciliation

After transferring bank transactions (which are red/unreconciled) to a posting journal, those transactions turn yellow in the bank reconciliation. You can now post this journal. When you then post the journal, transactions that can be auto-reconciled will turn green.

In the posting journal, the Have bank reconciliation field can be inserted so that you can see in your posting journal which lines originate from a bank reconciliation

Differences in bank reconciliation

If you find that your bank reconciliation does not match, it may be due to:

Incorrect date: It may be that a record was posted on one date while the same record was set to a different date on the bank statement. Should there be a difference between the posting date and the payment date, a manual reconciliation must be made. After the entries have been reconciled, remaining entries from the bank statement are transferred to the posting. The entries posted on the wrong date are simply moved over to the correct date.
Incorrect amount: Another reason may be that an error has occurred so that the posted amount simply does not match the actual amount deposited in the bank account. Should there be transactions where the amount in the posting and the amount on the bank statement do not match, then the error must be found and then corrected. Such an error may, for example, be due to incorrect posting or that a debtor has paid an incorrect amount.
Active year: Check that the year is active under General ledger/Maintenance/Accounting year.
Dan primo: Check that the beginning is formed for the year under General ledger/Maintenance/Accounting year (use the button ‘Primoposter’ to check and ‘Form opening balance’ to form).
Restore primo: If you have made post-entries and not updated the beginning, you can restore the beginning under General ledger/Maintenance/Accounting year (use the button ‘Postcalculate period balances’).
Financial year shown: Check which accounting year is selected ‘displayed’ under General ledger/Maintenance/Accounting year. This determines which prime number appears on the transactions page in the bank reconciliation. Remember to form the beginning of the financial year that is shown, otherwise no opening entries will appear on the Uniconta page in the bank reconciliation and the sum will not match. Read more here.
Import: Check your import from the bank. If necessary, try deleting the bank statement and importing it again.
Old periods: Check backwards in time whether older periods are correct.
Green on one side and red or black on the other: Remember to remove your reconciliation if you change/delete postings in Uniconta. Read more in our ‘Questions and Answers’ here.

Remember that it is possible to remove an imported bank statement from the bank reconciliation and start over. You press “delete imported” in the first menu during bank reconciliation. Here, a date internal can be specified and records in that range deleted.

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