Statement & Transaction Reconciliation: How LedgerSync Validates Your Bank Data

Statement & Transaction Reconciliation: How LedgerSync Validates Your Bank Data

Overview

Each time LedgerSync reads a bank statement for your client, it automatically checks that the statement adds up: the beginning balance and the transactions read from the statement should come to the ending balance printed on the statement. This check runs for statements from MasterCard, MX and Statements & Checks connections.

What the Check Compares

  • Extracted Beginning Balance: the opening balance read from the statement.
  • Calculated Ending Balance: the ending balance worked out from the beginning balance and every transaction read from the statement.
  • Bank Statement Ending Balance: the closing balance printed on the statement.

When the calculated ending balance matches the bank statement ending balance, the statement is reconciled. When they differ, it is not.

How to See the Result

  1. Open Bank Connections > Statements.
  2. Click the Convert to Excel icon next to a statement.

The Statement Reconciliation page shows the original statement next to the transactions read from it, the three balances above, and a Reconciled status of Yes or No. You can also export the transactions with Export data, as Excel or as a Quickbooks File.

This Is Different from LS QBO Validation

LS QBO Validation opens from the LS QBO Validation item in the top menu. Its page header shows the selected client and the selected period.

  • When it runs: The statement check runs automatically each time a statement is read. LS QBO Validation runs only when you start it, for a client and a period you choose.
  • What it compares: The statement check compares a statement's transactions with its own balances. LS QBO Validation compares the bank transactions in LedgerSync with the client's QuickBooks Online transactions.
  • Output: The statement check gives each statement a Reconciled status of Yes or No. LS QBO Validation shows how many transactions matched and lists the exceptions, such as transactions missing from QuickBooks or missing from the bank data.
  • User action required: The statement check runs without any action from you. In LS QBO Validation, you review the exceptions before you can move to the next step.

Need Help?

Contact LedgerSync Support at support@ledgersync.com

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