Bank Reconciliation

Overview

Bank reconciliation matches your bank statement lines against accounting payments and outstanding items. SMEOne supports manual reconciliation and statement import (XLSX, OFX, QIF) via the Full Accounting Kit.

Navigation: Accounting → Bank → Bank Reconciliation (or Accounting → Dashboard → Bank journal).

Step-by-Step Guide

Connect a bank journal

1. Accounting → Configuration → Journals.
2. Open or create a Bank type journal.
3. Set Bank Account Number and currency SGD.
4. Save.

Import bank statement

1. Open the bank journal.
2. Click Import Statement (or Upload).
3. Select file format: XLSX, OFX, or QIF.
4. Map columns (date, description, amount) if prompted.
5. Import — lines appear as unreconciled.

Reconcile manually

1. Open Bank Reconciliation for the journal.
2. Match statement line to existing payment or invoice on the right panel.
3. Click Validate when balanced.
4. Or create new payment inline for unmatched bank fees.

Reconcile customer receipt

1. Find bank credit line (customer transfer).
2. Match to open customer invoice or payment.
3. Validate — invoice marked paid.

Lock dates (month-end close)

1. Accounting → Accounting → Lock Dates (administrator).
2. Set Journal Entries Lock Date to prevent back-posting.
3. Coordinate with accountant before locking.

FAQ

Q: Statement import fails — what should I check? A: Verify file format, date column format, and that amounts use correct sign (debit/credit).

Q: Can I reconcile without bank feed? A: Yes — enter statement lines manually or import CSV/XLSX exports from your bank.

Q: What are outstanding payments? A: Payments recorded in SMEOne but not yet on bank statement — reconcile when they appear.

Q: Who should perform reconciliation? A: Finance staff with Accounting access — typically monthly before management accounts.

Q: Does reconciliation affect GST? A: GST is recognised on invoice/bill posting. Bank reconciliation confirms cash movement only.