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How to Reconcile Accounts and Match Financial Transactions in Invent ERP

Learn how to reconcile bank transactions, customer payments, and accounting entries accurately.

Step-by-Step Process​

Step 1: Access the Accounting Module​

From the Homepage, click on All Apps

Step 1 - Access Accounting Module

Then navigate to the Accounting module.

Step 1 - Open Journal Dashboard

Step 2: Open the Journal Dashboard​

Once inside Accounting, you'll see the Journal Dashboard where you can view your bank accounts and journal details.

Step 2 - Start Reconciliation

Step 3: Start a New Reconciliation​

Select the bank account you want to reconcile and proceed.

Step 3 - Enter Closing Balance

Step 4: Enter the Closing Balance​

Enter the Closing Balance based on your bank statement for the selected reconciliation period, and click Create.

Step 4 - Review Transactions

Step 5: Review Transactions​

You'll now see a list of transactions linked to the selected account. Tick the checkbox for each transaction that matches your bank statements.

Step 6 - Handle Differences

Step 6: Handle Differences (If Any)​

If there is a difference between the system balance and your bank statement:

  • Add a Manual Transaction.

Step 6 - Handle Differences

  • Specify whether it is a Deposit or Withdrawal.
  • Select the appropriate account.
  • Enter the correct amount.

Step 6 - Handle Differences

Step 7: Complete the Reconciliation​

Once all transactions are reviewed and the balance matches, click Reconcile.

Step 7 - Complete Reconciliation

Step 8: Review Reconciled Records​

Your account is now successfully reconciled. You can revisit the reconciliation record at any time for review or auditing purposes

Step 8 - Complete Reconciliation

Notes & Tips​

  • Reconcile accounts regularly to avoid large discrepancies.
  • Use manual transactions only when necessary and ensure they are properly documented.
  • Reconciled entries remain accessible for future reference and reporting.

FAQ​

Q: Can I edit a reconciliation after it's completed? Reconciled records can be reviewed, but changes may require reversing or adjusting entries.

Q: What happens if I don't reconcile regularly? Delayed reconciliation can make discrepancies harder to track and may impact financial accuracy.

Q: Can I reconcile multiple bank accounts? Yes. Each bank account can be reconciled individually from the Journal Dashboard.