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Navigation: Financial > Day to Day Tasks > Reconcile

Reconciling with a Mid-Month Statement

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Some statements you receive don't always correspond to a calendar month which can make reconciling them challenging.

There are a couple of ways to deal with this situation:

 

1.Download a transaction list which corresponds to your reconciliation interval from your financial institution website and enter and reconcile transactions from that, either through the Bank Import function or manually, through the Enter Transactions window.

2.Accept that a statement which e.g. goes from 08/04 to 07/05 is the April month and 08/05 to 07/06 is May etc. In this method, you can ignore the date warning and enter transactions dated 01/05 - 07/05 into April with the May dates but remember these transactions will be reported in April, not May.

3.Enter the transactions into the actual month they occur and manually calculate the balance at the end of the month to reconcile. Using the example above, the transactions on the April/May statement would have the April transactions entered in April, April reconciled to the running balance on the statement or manually calculated and then May transactions on the April statement would be entered in May.
 
If they are cleared at that time, the balance can be confirmed with the April statement balance. When the May statement is received, the rest of the May transactions can be entered in May, May reconciled and June entries recorded in June etc.

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