Banking5 min read

Bank Reconciliation

Match your NavoBook records to your bank statement to spot any discrepancies.

What is bank reconciliation?

Bank reconciliation is the process of matching transactions in NavoBook to transactions on your bank statement. It ensures your books are accurate and reveals missing, duplicate, or incorrect entries.

Running a reconciliation

  1. 1Go to Banking → Reconciliation
  2. 2Select the Bank Account
  3. 3Enter the Bank Statement Ending Balance and Statement Date
  4. 4NavoBook shows all unmatched transactions from both sides
  5. 5Tick each transaction that appears on your bank statement
  6. 6The Difference field should reach zero when all transactions are matched
  7. 7Click Complete Reconciliation

Reconcile monthly. Doing a whole year at once is time-consuming and makes errors harder to find.

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Bank reconciliation screen

Reconciliation screen: tick transactions to match until difference reaches zero

Handling a non-zero difference

If the difference does not reach zero, check for:

  1. 1Transactions on the bank statement not in NavoBook (e.g., bank charges): record them first, then re-reconcile
  2. 2Transactions in NavoBook not on the statement: these may be outstanding cheques or uncleared transfers
  3. 3Duplicate entries in NavoBook: void the duplicate

Bank charges and transfer fees should be recorded under Banking → Bank Charge before you begin reconciling.

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