Reconciliation consists in comparing two accounts on a specified date, in order to check the consistency of balances and find differences. The most common reconciliation is to compare an account from the Assets – Bank category to the statement from the bank.
To create a reconciliation, proceed as follows:
the reconciled transactions.
all previously hidden reconciled transactions.
postdated transactions.
the reconciliation report. This report can be used to view the list of outstanding transactions after the reconciliation, to make sure that the balances in the books match those of the bank statement and that no transaction associated with the account was forgotten.