Reconcile an account

Reconciling proves that your books agree with the bank. It compares the books with a statement for one account and one period.

Done and reconciled are different. Done means that you checked a transaction’s category or match. Reconciled means that the statement lines and the statement’s ending balance agree with your books. A period where every line is Done but no statement balance was checked is reviewed, not reconciled. See Done and reconciled.

Automatic reconciliation

Many OFX and QFX files include the statement’s ending balance. When every line of such an import is accounted for, Righto can verify the period for you. It shows the result and the reasons.

Reconcile a period

1. Open Reconcile and choose the account.
2. Type the statement’s start date, end date, and ending balance. Copy the ending balance from the bank statement. Never use the balance that Righto shows for the books.
3. Righto clears the lines that are already linked to the statement, and shows the difference and the lines that are not resolved.
4. Resolve each line: import a missing line, match it, categorize it, or exclude a real duplicate.
5. When the difference is zero and every line is accounted for, choose Verify.

If the difference is not zero, do not add an entry only to remove it. Find the cause. Common causes: a missing import, a line imported two times, a wrong opening balance, or a transaction in the wrong account.

After a change

You can change a reconciled transaction at any time. If the change affects the bank amount, the date, the account, or the match, Righto marks that period as no longer verified, and you reconcile it again. A change of category only does not change the bank balance, so the period stays verified.

Each account has its own status. One balanced account does not make the whole business reconciled.