SEE Finance Help

Index

Reconciling Accounts Using Statements

Reconciling Statements:

1. Select the desired banking, investment, credit card or loan account from the Account List.
2. Select the Statements View by selecting the "Statements" button on the right of the top bar.
3. Select the statement from the statements table you would like to reconcile.
4. Click the "Reconcile" button under the statements table.
5. The Reconcile window will raise and will show the transactions from the information from the account's transactions register in the top box labeled "Transactions" and the selected statement's information in the lower box labeled "Statement". You can change the time period of the shown transactions from the account's register by changing the "Start" and "End" dates on the top of the "Transactions" box. Just underneath the account's transactions register table is the "Account Balance", "Reconciled Balance" and "Unreconciled Amount" for the entire account's transactions register. In the "Statement" box just underneath the selected statement's transactions table is the statement's "Ending Balance", "Reconciled Balance" and "Unreconciled Amount" for the selected statement. These values are used to help reconcile the account.
   
   To reconcile the account go through the transactions from the account's transactions register (the top table) and match them to transactions in the statement (the bottom table). When you find a match click the reconcile checkbox for both the transaction and the statement transaction (when you check the checkbox in the table this changes the "Reconciled Balance" and the "Unreconciled Amount" for the respective table's transactions). You can also just press the space bar to toggle the on/off status of the reconciled check box.
   
   If you find a transaction in the statement that should be in your account's transactions register, click the "+" button under the transactions table and it will be added in the account's transactions register.
   
   If you find a transaction in your account's transaction register that should not be in the account's transaction register, click the "-" button under the transactions table and it will be deleted from the account's transactions register.
   
   If you find a transaction in your account's transactions register that should be in your statement, click the "+" button under the statement's transactions table and it will be added to the statement.
   
   If you find a transaction in your statement that should not be in the statement, click the "-" button under the statement's transactions table and it will be deleted from the statement.
   
   
6. Once you are finished reconciling your transactions and your account's "Reconciled Balance" matches that of your institution for the end of the statement period, click "Finish" and you're done!

Building a Statement In the Reconcile Window:
If you are unable to create a statement by downloading transactions or importing a file of transactions you can build the statement from the records in the account's transactions register that match the records of your statement from your financial institution.

1. Select the desired banking, investment, credit card or loan account from the Account List.
2. Select the Statements View by selecting the "Statements" button on the right of the top bar.
3. Select the manually created statement from the statements table you would like to reconcile.
4. Click the "Reconcile" button under the statements table.
5. The Reconcile window will raise and will show the transactions from the information from the account's transactions register in the top box labeled "Transactions" and the selected statement's information in the lower box labeled "Statement". You can change the time period of the shown transactions from the account's register by changing the "Start" and "End" dates on the top of the "Transactions" box. Just underneath the account's transactions register table is the "Account Balance", "Reconciled Balance" and "Unreconciled Amount" for the entire account's transactions register. In the "Statement" box just underneath the selected statement's transactions table is the statement's "Ending Balance", "Reconciled Balance" and "Unreconciled Amount" for the selected statement. These values are used to help reconcile the account.
   
   To reconcile the account go through the transactions from the account's transactions register (the top table) and mark them as reconciled as appropriate by clicking the reconcile checkbox (when you check the checkbox in the table this changes the "Reconciled Balance" and the "Unreconciled Amount"). You can also just press the space bar to toggle the on/off status of the reconciled check box.
   
   After you mark a transaction as reconciled click the "+" button under the statement's transactions table and it will be added to the statement. The statement's "Ending Balance", "Reconciled Balance" and "Unreconciled Amount" will automatically update due to the new transaction as appropriate.
   
   Continue to mark transactions as reconciled as appropriate in the account's transactions register (the top table) and adding them to the statement until you are done building the statement.
   
   If your account's transaction register is missing transactions or has transactions entered incorrectly when compared to your institution's statement you will need to exit the Reconcile window and enter or adjust the transactions as needed in the account's Transactions View.
   
   
6. Once you are finished reconciling your transactions and your account's "Reconciled Balance" matches that of your institution for the end of the statement period, click "Finish" and you're done!

Tips:

• If the balance for your account's transactions register on the ending date of the statement matches the ending balance of the institution's statement then the account's transactions register is most likely up to date and accurate. You can simply select all of the transactions in the account's transactions register up through the statement's ending date and click the space bar to mark them all as reconciled. Then select all the transactions in the statement and click the space bar to mark them all as reconciled or if you are building the statement from the transactions in the account's transactions register simply click the "+" button under the statement's transactions table and the transactions will be added to the statement. Both the account's transactions register and statement's "Reconciled Balance" and "Unreconciled Amount" will automatically update as appropriate.

Notes:

• The "Ending Balance" for a statement is calculated by using the "Starting Balance" set for the statement and the amounts for transactions found in the selected statement.
• The "Reconciled Balance" in the Statements View under the table of statements shows the reconciled balance of all the transactions in the account's transactions register marked as reconciled.
• When reconciling an account for the first time it is unnecessary to create a statement to cover all your past transactions. You can begin where you left off from your previous means of tracking your account's records (using a conservative estimate of the date where you left off). If for some reason transactions known to already be reconciled are not properly marked as reconciled you can quickly mark them as reconciled making the account up to date. Select the Transactions View for the account and then use the "Start" and "End" date selectors under the table of transactions to display only the date range of the transactions known to be reconciled. With only the known reconciled transactions shown, you can then select all of these transactions (press "Command a") and then select "Mark Selected Transaction(s) as Reconciled" from the Transactions menu ("Command Shift R"). Then you can begin reconciling your accounts using statements.