A guide to the Bank Reconciliation report
This article shows you how to access the Bank Reconciliation report to check that the balance showing in your bank account in FreeAgent matches the balance on your bank statement. It also explains how to review the figures and export the report.
The Bank Reconciliation report is designed to aid with the bank reconciliation process of checking that the balance on your bank statement matches the bank balance in your accounts. When the two figures match, you have reconciled your bank account. If the two figures don't match, your bank account is unreconciled.
If you enable a bank feed or upload bank transactions regularly and then explain your transactions, your bank balance in FreeAgent should match the balance in your bank account. However, there are a few reasons why your bank balance in FreeAgent may not reconcile correctly with the balance of your actual bank account. Find out how to match your FreeAgent bank balance to your bank account balance.
The bank balance of a particular bank account in FreeAgent is calculated by taking the opening balance that you entered when creating the bank account in FreeAgent and then adding and subtracting the transactions that have come into and out of the bank account.
Please note that you’ll need level 7 access or above to access this report.
Accessing the Bank Reconciliation report
Navigate to the ‘Accounting’ tab at the top of your screen and choose ‘Reports’ from the drop-down menu.
In the ‘Detailed’ section, choose ‘Bank Reconciliation’.
This will display a Bank Reconciliation summary.
Generating a Bank Reconciliation report
The report will default to showing your primary bank account and the current accounting year in FreeAgent.
To generate a report for a different bank account, choose the relevant bank account from the drop-down menu.
To generate a report for a different accounting year, an individual month or custom date range, choose the relevant option from the drop-down menu.
Next, you’ll need to enter the closing bank balance stated on your bank statement as at the end of the period you’re looking at in the ‘Closing balance’ field. Then, select ‘Apply’ to generate a Bank Reconciliation report.
Understanding the data in your Bank Reconciliation report
On the ‘Summary’ tab, you’ll see the totals for transactions that have come into and out of the selected bank account during the selected date range in FreeAgent.
If the closing balance on your bank statement matches the closing bank balance in FreeAgent, your bank account will be reconciled and the difference will be zero.
If the closing balance on your bank statement doesn’t match the closing bank balance in FreeAgent, your bank account will be unreconciled and the difference will be displayed in red. Find out how to match your FreeAgent bank balance to your bank account balance.
Reviewing the full report
You can review a breakdown of the figures by selecting the ‘Full Report’ tab.
You can choose to view all transactions or filter by transactions that have been explained, are currently unexplained or have been manually added, by selecting the relevant tab.
Exporting your Bank Reconciliation report
From either the 'Summary' or 'Full Report' tab of your Bank Reconciliation report, select ‘Export’ and then choose either ‘PDF’ or ‘CSV’ from the drop-down menu.
This will export the information from the selected tab in the chosen file format. To export the information from the ‘Summary’ and ‘Full Report’ tabs, you’ll need to export a report from both tabs.