Account Reconciliation in Argenta helps you match your bank statements to transactions recorded in the system. This ensures your financial records are accurate and complete.
What Is Account Reconciliation?
Reconciliation is the process of comparing your bank statement to your Argenta records to ensure they match. This helps:
- Catch errors or missing transactions
- Identify unauthorized transactions
- Verify your books are accurate
- Prepare for audits
Accessing Account Reconciliation
- Go to General Financials
- Navigate to Accounts
- Select the bank account to reconcile
- Click on Reconcile or find the reconciliation option
How to Reconcile an Account
- Open the reconciliation tool for your account
- Enter the Statement Date from your bank statement
- Enter the Statement Ending Balance
- Review the list of transactions
- Check off transactions that appear on your bank statement
- The difference should approach zero as you check items
- When balanced, save the reconciliation
Understanding the Reconciliation Screen
- Cleared Transactions: Items you have checked off as appearing on the statement
- Uncleared Transactions: Items not yet on the bank statement (recent or outstanding)
- Difference: The amount that doesn't balance (should be zero when complete)
Common Reconciliation Issues
- Outstanding checks: Checks written but not yet cashed
- Deposits in transit: Deposits made but not yet shown on statement
- Bank fees: Charges from the bank not yet recorded in Argenta
- Interest earned: Interest not yet recorded
- Errors: Typos or incorrect amounts
Best Practices
- Reconcile monthly when your statement arrives
- Record bank fees and interest before reconciling
- Investigate discrepancies promptly
- Keep reconciliation reports for your records
- Have a second person review reconciliations
After Reconciliation
Once reconciled, transactions are marked as cleared. This prevents accidentally modifying reconciled transactions and provides a clean audit trail.