Statement Reconciliation
Easy Books allows transactions to be reconciled against a paper statement. This is typically done using the bank statement and the electronic copy together. Each transaction shown on the bank statement should have an entry in the app. By reconciling the statements, we can see easily if there are any missing transactions that need to be recorded. Tap on the Statements button on the main screen to bring up the list of accounts that use statements.
In this example, we have received a statement for the business bank account. Tapping on the account listed shows the list of statements already entered for that account. To add a new statement, tap on the + button. The date should be set to match the date of the statement.
The opening balance should be set for the first statement only and the app keeps track of this for subsequent statements. The app shows the list of transactions that do not yet appear on a statement, filtered by the statement date. Any transactions dated after the statement will not be available to move on to the statement. Tap on the "move up" button or drag the lines up by tapping and holding on the three lines at the end of the transaction line to add the transactions to the statement. (The screenshot shows an existing statement with lines already added to it). It is not necessary to keep the transactions in the same order as the paper statement, but it can help to do this because the app calculates the statement balance on each line and this can be used as an aid if there are any differences on the paper statement. It is recommended to reconcile all statements before consolidating profit and loss or filing a VAT return because this helps as a check to make sure all transactions have been entered into Easy Books.