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Reconciliation Guides

This section provides step-by-step instructions for performing account reconciliation in Fiskl. These guides help you match transactions, resolve discrepancies, and maintain accurate financial records through systematic reconciliation processes.

Why Use These Guides​

Reconciliation can seem complex, especially when dealing with discrepancies or performing your first reconciliation. These guides break down the process into manageable steps:

Master the reconciliation workflow:

  • Follow proven procedures for accurate results
  • Learn the sequence of reconciliation steps
  • Understand what to do at each stage
  • Gain confidence in the reconciliation process

Handle challenging situations:

  • Resolve missing or duplicate transactions
  • Correct amount and date discrepancies
  • Deal with timing differences
  • Fix errors without disrupting your records

Leverage Fiskl's automation:

  • Use bulk processing features effectively
  • Take advantage of automatic matching
  • Understand when manual intervention is needed
  • Generate comprehensive reconciliation reports

Key Concepts for Reconciliation Guides​

Understanding these practical concepts helps you complete reconciliations successfully:

  • Reconciliation Period: The specific date range covered by your reconciliation, typically matching your bank statement period (e.g., January 1-31)
  • Auto-Matching: Fiskl's automated process that instantly identifies and marks matching transactions between your records and bank statement
  • Discrepancy: Any difference between your Fiskl balance and bank statement balance that requires investigation and resolution
  • Bulk Processing: The ability to correct multiple transactions simultaneously rather than one at a time
  • Draft Reconciliation: A saved-in-progress reconciliation that you can return to complete later without losing your work
  • Outstanding Items: Legitimate transactions recorded in Fiskl that haven't yet appeared on your bank statement due to processing delays
  • Reconciliation Report: A comprehensive document showing all matched transactions, adjustments, and the final reconciled balance for audit purposes

How to Use These Guides​

The guides are organized to support different reconciliation scenarios:

For first-time users:

  1. Start with "How Fiskl Handles Reconciliation" to understand the system
  2. Review "Bank Account Reconciliation" for the complete process
  3. Check "Reconciliation Best Practices" for ongoing success

For handling problems:

  1. Identify your issue type in "Handling Reconciliation Discrepancies"
  2. Follow the specific resolution steps for your situation
  3. Verify the fix using the reconciliation difference indicator

For reporting and documentation:

  1. Complete your reconciliation following the standard process
  2. Generate reports using "Reconciliation Reports"
  3. Maintain audit trails for compliance and review

For common questions:

  • Consult "Accounting FAQs" for quick answers
  • Find solutions to specific scenarios
  • Learn workarounds for complex situations

Reconciliation Workflow Overview​

These guides support the complete reconciliation lifecycle:

  1. Preparation: Select account, enter statement date and balance
  2. Automatic matching: Let Fiskl identify matching transactions
  3. Review matches: Verify automatic matches are correct
  4. Resolve discrepancies: Add missing items, correct errors, handle timing differences
  5. Verify zero difference: Confirm your reconciliation balances perfectly
  6. Finalize: Complete and save the reconciliation
  7. Generate reports: Create documentation for records and audits

Each guide focuses on specific steps or scenarios within this workflow.

What You'll Learn​

These guides cover essential reconciliation skills:

Core reconciliation procedures:

  • Setting up a reconciliation session
  • Understanding the reconciliation interface
  • Using automatic matching features
  • Completing a perfect reconciliation

Problem-solving techniques:

  • Identifying different types of discrepancies
  • Adding missing bank transactions
  • Correcting transaction amounts
  • Handling duplicate entries
  • Managing timing differences

Advanced features:

  • Bulk transaction corrections
  • Multi-currency reconciliation handling
  • Draft reconciliation management
  • Historical reconciliation review

Reporting and documentation:

  • Generating reconciliation reports
  • Maintaining audit trails
  • Exporting reconciliation data
  • Reviewing reconciliation history

Common Reconciliation Scenarios​

You'll encounter these typical situations:

Perfect match scenario:

  • All transactions align automatically
  • Difference shows as zero immediately
  • Ready to finalize and generate report

Missing transactions:

  • Bank fees not recorded in Fiskl
  • Automatic payments not entered
  • Interest income not captured
  • Need to add transactions during reconciliation

Timing differences:

  • Checks written but not yet cashed
  • Deposits recorded but still in transit
  • Pending electronic transfers
  • Leave unmarked until next period

Amount discrepancies:

  • Data entry errors in transaction amounts
  • Currency conversion differences
  • Partial payments recorded as full amounts
  • Require transaction corrections

First reconciliation:

  • Setting up opening balances
  • Reconciling historical periods
  • Establishing reconciliation baseline
  • Creating initial reconciliation report

Available Guides​