Reconciling your Bank Account (with video)

Click the Banking icon.


  • Click Reconcile underneath the account you would like to reconcile.


  • Click Begin Reconciliation.
  • Enter the bank statement ending date and ending balance in appropriate fields.

  • Click Continue Reconciliation.

  • Compare your bank statement to the list of transactions in MoneyMinder’s reconciliation list. For each item that shows on your bank statement that matches MoneyMinder, place a checkmark in the box under the “Cleared” column.

  • Once you have checked off all transactions that appear on your bank statement, look to see if the “Record Reconciliation” button appears.
  • If it does, click Record Reconciliation.
  • If it does not, MoneyMinder and the bank statement do not agree yet. The most common errors that occur are:
    • Transpositions in numbers
    • An unrecorded transaction (either a check, deposit, bank fee, or a bank error)
    • Entering a transaction into MoneyMinder twice
    • Entering an incorrect date on a transaction
  • MoneyMinder needs to mirror the bank statement and reflect what actually happened at the bank.

13 Comments

  1. Tanya Boileau

    I am trying to reconcile our account for our PTA. It’s not being able to work and I’m not sure what is happening.

    1. Cyndi Meuchel

      Hi Tanya,

      When you click on the Banking icon in the toolbar, then on Reconcile (under the Checking account), do you get to a window that asks for your bank statement ending date and balance? After you fill out those fields, do you see a list of transactions that you can check off (if they also appear on your bank statement)?

      Let me know where you’re having trouble and I’ll walk you thru the steps. If you’d prefer to phone in, we can do it together. Sometimes that’s easier. We’re here M-F 8am – 5pm PT. (866) 346-4300.

      You’re also welcome to email me a copy of your bank statement and I can see if I can identify where the issue might be.

      Cyndi

  2. Genia Black

    I am reconciling the bank account and I am marking transactions off as cleared during the reconciliation. After completing the reconciliation, an option for a report comes up. When the reconciliation report comes up it tells me several withdrawals or deposits have not cleared the bank which I know they have as I checked the box on the recon that they cleared. I cancelled the reconciliation and re-did it and I got different results on the reconciliation summary report. Something is wrong with the reporting. I noticed this last month and eventually it worked and the reporting was accurate. Can you fix the bug in the report? I always staple the reconciliation summary report to the bank statement and keep for my records. I do not want to do that if the report is inaccurate.

    1. Cyndi Meuchel

      Hi Genia,

      Thank you for bringing this issue to our attention! We have turned this over to our IT department. I am sure it is frustrating to have to redo and/or not trust the report. We think it may be related to the auto save feature within the reconciliation. For now, it is suggested that you use the “save in progress” feature when you are reconciling. After checking off the cleared items, save in progress, continue with reconciliation and then print the report. I will reach out to you when I receive more info. Again, thank you!

    2. Christy Bennett

      I’m having this same issue. Please let me know what I can do to get this fixed. I need to print the report to go with the bank statement for our records but the report is not correct. I’ve tried it three times and get different uncleared deposits/withdrawals each time even though I made sure to push ‘Save in progress’ numerous times during the reconciliation.

      1. Cyndi Meuchel

        Hi Christy,

        There appears to be a slight delay in saving the reconciliation and the report generating correctly. We are working on resolving that bug. In the meantime, Teri is reaching out to you to give you some tips for resolving this. Please look for an email from her.

  3. Carrie

    I have reconciled every month this fiscal year, but since I uploaded the latest version – my past reconciliations don’t appear to have saved – do I have to go back to my July statements and redo it all.

    Note: Since this is our general fund – it is never completely reconciled because there are always outstanding checks from bank statement to bank statement.

    Thanks

    1. Cyndi Meuchel

      Hi Carrie,

      I’d be happy to help you with those reconciliations. I’ll email you privately so that I can best assist, privately & securely.

      Look for an email from me.

      Warm regards,
      Cyndi

  4. Chuleana Wheeler

    We are reconciling WAY into the next Fiscal Year. When I do the reconciliation for the past year, it records, then says that none of the deposits or withdrawals were cleared before the statement ending date. They all were, and I checked them all. Is there a way to change the ‘not cleared’ to ‘cleared’? It is terrible, and I have tried re-reconciling twice! I really need to close these books!

    1. Cyndi Meuchel

      Hi Chuleana,

      Thanks for reaching out. It looks like your reconciliation is indeed recording. I think there may be a slight delay in the process that’s causing it to look like it’s not recorded when it is. I’m having our IT department look into it. I wanted to let you know that it looks like you’re caught up in 2018 though.Let me know if I can help with anything else.

      Cyndi

  5. Becky Terry

    are there plans to add bank recon as a feature to the bank import?

    1. Julie Rice

      Hi Becky,

      Great question! I have included a portion of a Knowledgebase article (https://moneyminder.com/knowledgebase/importing-bank-transactions-from-your-bank/). When you go to reconcile, imported transactions will in fact be pre-checked saving you time 🙂

      NOTE: MoneyMinder recognizes duplicate transactions, saving you from accidentally importing duplicate entries. You can also hide your already imported transactions. And best of all, when you go to reconcile, imported transactions are pre-checked, saving you time.

      Please let us know whenever we can help!

      Warm regards,
      Julie

    2. Cyndi Meuchel

      Hi Becky,

      If I’m understanding correctly, you’re wondering about auto-checking off of imported entries when you are in the Reconciliation window? If so, yes that does already happen.

      Cyndi

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