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Account Reconciliation

This section explains how to reconcile your bank and financial accounts in Fiskl. Account reconciliation verifies that your recorded transactions match your actual bank statements, ensuring your books accurately reflect your true financial position.

Why Reconcile Your Accounts​

Reconciliation is one of the most critical accounting processes for maintaining financial integrity. Regular reconciliation protects your business and ensures reliable financial data:

Catch errors before they compound:

  • Identify data entry mistakes early
  • Spot duplicate transactions
  • Find missing or incorrectly categorized transactions
  • Detect timing differences between when you record and when banks process transactions

Protect against fraud and unauthorized activity:

  • Quickly identify unexpected withdrawals
  • Spot unusual transaction patterns
  • Detect compromised accounts
  • Maintain security over your financial accounts

Ensure accurate financial reporting:

  • Verify your cash position is correct
  • Trust your financial statements for decision-making
  • Provide accurate reports to stakeholders
  • Meet compliance and audit requirements

Maintain healthy cash flow management:

  • Understand your true available cash
  • Track outstanding checks and deposits in transit
  • Reconcile timing differences between systems
  • Plan business spending with confidence

Key Concepts​

Understanding these concepts is essential for effective account reconciliation:

  • Bank Statement: The official record from your financial institution showing all transactions during a specific period, including the opening and closing balances
  • General Ledger Balance: The balance shown in your Fiskl account based on all recorded transactions
  • Statement Balance: The final balance shown on your bank statement for the reconciliation period
  • Reconciliation Difference: The gap between your general ledger balance and statement balance that needs investigation
  • Outstanding Transactions: Items recorded in Fiskl but not yet appearing on your bank statement (checks in transit, pending deposits)
  • Missing Transactions: Items on your bank statement that haven't been recorded in Fiskl (bank fees, automatic payments)
  • Matched Transactions: Transactions that appear in both Fiskl and on your bank statement with matching amounts and dates
  • Timing Differences: Legitimate gaps caused by processing delays between when you record a transaction and when the bank processes it
  • Reconciliation Period: The specific date range you're reconciling, typically matching your bank statement period

How Reconciliation Works in Fiskl​

Fiskl streamlines the reconciliation process through automation and intelligent matching:

  1. Setup: Choose your account, enter your statement end date and closing balance
  2. Automatic matching: Fiskl instantly compares your transactions with statement data, identifying matches automatically
  3. Review discrepancies: Examine any differences between your records and the statement
  4. Resolve issues: Add missing transactions, correct errors, or mark timing differences
  5. Complete reconciliation: Finalize when the difference reaches zero

The system handles the complex matching logic while you focus on resolving genuine discrepancies.

Reconciliation Scenarios​

You'll encounter different situations during reconciliation:

Perfect match (zero difference):

  • All transactions align perfectly
  • Statement balance equals ledger balance
  • Ready to finalize immediately

Discrepancies requiring attention:

  • Missing transactions in Fiskl
  • Bank fees or charges not recorded
  • Duplicate entries
  • Amount differences
  • Timing differences (outstanding items)

First-time reconciliation:

  • Establishing opening balances
  • Importing historical transactions
  • Setting up reconciliation baseline

When to Reconcile​

Establish a regular reconciliation schedule:

Monthly reconciliation (recommended minimum):

  • Aligns with monthly bank statements
  • Catches issues while still fresh
  • Supports month-end closing processes
  • Standard practice for most businesses

Weekly reconciliation (for high-volume businesses):

  • More frequent error detection
  • Tighter cash flow monitoring
  • Reduces reconciliation workload
  • Ideal for businesses with daily transactions

Daily reconciliation (for critical accounts):

  • Real-time financial accuracy
  • Immediate fraud detection
  • Essential for high-value accounts
  • Best for businesses with complex daily operations

Benefits of Fiskl's Reconciliation​

Fiskl's reconciliation feature saves time and improves accuracy:

Automated matching: The system automatically identifies matching transactions in seconds, eliminating hours of manual comparison

Bulk processing: Handle multiple corrections simultaneously rather than one by one

Smart detection: Fiskl highlights likely matches and flags unusual discrepancies

Complete audit trail: Every reconciliation creates a detailed report showing all matched transactions and adjustments

Draft mode: Save work in progress and return later without losing your matching work

Historical tracking: Review past reconciliations and identify patterns over time

Available Guides​