Account Reconciliation
This guide explains how account reconciliation works in Fiskl and why it is one of the most important habits for keeping your books accurate.
What is account reconciliation​
Reconciliation verifies that the transactions recorded in Fiskl match your actual bank statement. When they match, you can trust that your books reflect your true financial position.
Fiskl compares your ledger account balance against your bank statement balance. Any gap between the two is a discrepancy that needs investigating.
Why reconcile regularly​
Regular reconciliation protects your business from compounding errors and gives you reliable financial data.
Catch errors early
- Identify data entry mistakes before they affect reports
- Spot duplicate or missing transactions
- Find incorrectly categorised entries
- Detect timing differences between your records and bank processing
Protect against fraud
- Identify unexpected withdrawals quickly
- Spot unusual transaction patterns
- Detect compromised accounts early
Ensure accurate reporting
- Verify your cash position is correct
- Provide reliable data to stakeholders
- Meet compliance and audit requirements
Manage cash flow confidently
- Understand your true available cash
- Track outstanding transactions
- Plan spending based on accurate balances
We recommend reconciling at least once a month. More frequent reconciliation — weekly or daily for high-volume accounts — keeps sessions short and discrepancies easy to trace.
Key concepts​
| Term | What it means |
|---|---|
| Bank statement | The official record from your bank showing all transactions and balances for a period |
| Ledger account balance | The balance in Fiskl based on all recorded transactions |
| Statement balance | The closing balance on your bank statement for the reconciliation period |
| Reconciliation difference | The gap between your ledger balance and statement balance |
| Outstanding transactions | Items recorded in Fiskl that have not yet appeared on your bank statement |
| Missing transactions | Items on your bank statement not yet recorded in Fiskl (for example, bank fees or automatic payments) |
| Matched transactions | Transactions that appear in both Fiskl and on your bank statement with the same amount and date |
| Timing difference | A legitimate gap caused by processing delays between recording a transaction and the bank processing it |
| Reconciliation period | The date range you are reconciling, typically matching your bank statement period |
How reconciliation works in Fiskl​
Fiskl automates the matching process so you can focus on resolving genuine discrepancies rather than comparing transactions manually.
- Select your account — Go to Accounting > Reconciliation. Select a ledger account name or a month on the timeline, then select Reconcile and enter your statement end date and closing balance
- Automatic matching — Fiskl compares your recorded transactions with the statement and identifies matches
- Review discrepancies — Check any differences between your records and the statement
- Resolve issues — Add missing transactions, correct errors, or account for timing differences
- Complete — Finalise the reconciliation when the difference reaches zero
You can save a reconciliation as a draft at any time and return to it later without losing your progress.
Common reconciliation scenarios​
Zero difference
All transactions match and your statement balance equals your ledger balance. You can finalise immediately.
Discrepancies requiring attention
- Transactions missing from Fiskl (such as bank fees or automatic payments)
- Duplicate entries
- Amount differences
- Outstanding items not yet processed by the bank
First-time reconciliation
If you are reconciling for the first time, you may need to establish opening balances or import historical transactions before you can complete the process.
Reconciliation guides​
Where to go next
The guides below walk you through each part of the reconciliation process in detail:
- Bank account reconciliation — Step-by-step instructions for reconciling a bank account
- Handling reconciliation discrepancies — How to investigate and resolve differences
- How Fiskl handles reconciliation — The matching logic and automation behind the process
- Reconciliation best practices — Tips for building a consistent reconciliation routine
- Reconciliation reports — How to review and export reconciliation history
Related topics​
- Chart of Accounts — Understand the ledger accounts used in reconciliation
- Journal entries overview — Learn how manual entries affect your reconciliation
- Match and split transactions — Manage transactions before reconciling
- Banking integrations — Connect your bank to import transactions automatically