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Handling Reconciliation Discrepancies

If there are differences between your bank statement and Fiskl records, these are easily identified and you can resolve all discrepancies systematically - and handle multiple corrections in bulk.

Common Types of Discrepancies​

In your reconciliation, you'll encounter several types of discrepancies:

Missing transactions in Fiskl: Transactions accidentally removed in Fiskl or not yet in the bank feed Duplicate transactions: Fiskl transactions recorded twice or duplicated in the bank feed Incorrect amounts: Sometimes, transactions may be entered with different values in Fiskl and your bank statement. This often happens when amounts are added manually and don't match across both systems Incorrect dates: This often happens when transactions are added manually or manually imported with wrong dates

##Missing Transactions in Fiskl##

These are transactions that appear on your bank statement but aren't recorded in Fiskl:

  • Bank fees or charges
  • Interest payments or earnings
  • Automatic payments or deposits
  • Wire transfer fees
  • Currency conversion fees

##Add Missing Transactions to Fiskl##

  1. Click on the "plus" next to the bank statement transaction for a new transaction to be created
  2. Add the category and any other useful information
  3. Click "Create" - this will add your transaction to the reconciliation
  4. Tick both transactions to complete the reconciliation

##Transactions Recorded in Fiskl but Not Yet Reflected on Your Bank Statement##

These include:

  • Checks issued but not yet cashed
  • Pending electronic transfers
  • Deposits in transit
  • Outstanding payments

Resolution: Leave these transactions unmarked during reconciliation as they represent timing differences.

##Incorrect Transaction Amounts##

Transactions that exist in both places but with different amounts:

  • Data entry errors
  • Currency conversion discrepancies
  • Partial payments accidentally recorded as full payments

Resolution: Correct the transaction amount in Fiskl by clicking on the "edit" icon to amend the Fiskl transaction, or create adjustment entries.

##Steps for Resolving Discrepancies##

  1. Identify the Difference: Fiskl automatically displays the difference in amounts
  2. Resolve Missing Transactions:
  3. Add or remove the transactions in Fiskl by clicking on the minus/plus button above the Fiskl transactions on the left
  4. Add bank fees, charges, or other missing items to Fiskl
  5. Ensure correct dates and amounts
  6. Handle Timing Differences:
  7. Leave outstanding checks and deposits unmarked
  8. These will appear in your next reconciliation period

Correct Errors:

  1. Edit incorrect transaction amounts in Fiskl
  2. Create reversing entries for duplicate transactions
  3. Add missing transaction details or descriptions (optional)
  4. Complete Reconciliation: Finalize the reconciliation once all discrepancies are resolved by clicking on Reconcile
You can save your reconciliation as draft until you are ready to fully reconcile. :::