Statement & Transaction Reconciliation — How LedgerSync Validates Your Bank Data
Overview
LedgerSync’s Statement and Transaction Reconciliation system automatically verifies that the transactions pulled from your client’s bank are complete and match the bank statement. It compares the beginning and ending balances from the extracted bank statement against the transaction data and flags any discrepancies.
What the Reconciliation System Checks
- Beginning balance: Does the opening balance on the bank statement match what LedgerSync’s transaction data shows for the start of that period?
- Ending balance: Does the closing balance on the statement match the sum of all transactions for the period?
- Transaction completeness: Are there any gaps in the transaction sequence (missing transactions between the opening and closing dates)?
- Cross-source validation: For accounts connected via both Mastercard and MX, balances are compared across both sources to catch discrepancies
What Happens When a Discrepancy Is Detected
If the reconciliation system finds a mismatch, it flags the discrepancy rather than silently showing potentially incorrect data. LedgerSync runs a nightly repair process that automatically re-pulls data for accounts with detected gaps. Many discrepancies resolve on their own within one business day.
This Is Different from LedgerSync Close
| Feature | Statement & Transaction Reconciliation | LedgerSync Close |
|---|---|---|
| When it runs | Automatically, as data arrives | Manually, at month end |
| What it validates | Completeness and accuracy of data in LedgerSync | LedgerSync data vs. QBO transactions |
| Output | Data quality flags on accounts | Missing/duplicate transaction report for QBO |
| User action required | Only if discrepancy flag appears | Yes — review and approve corrections |
Need Help?
Contact LedgerSync Support at support@ledgersync.com
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