Reconciliation on Bkper is intended to keep your balance values in par with their counterparts in reality.
Bank account balance values, are a clear example to understand this. Your bank account balance value must match the corresponding value on the extract provided by your bank. Other real accounts such as debs, credit cards, receivables or any Asset or Liability accounts are examples of ones that should be kept reconciled.
Keeping accounts reconciled is one of the most important aspect of having your finances under control. Once Assets and Liabilities accounts balances matches the real accounts balances, you are likely to have everything right.
Bkper provide some tools to help you keep it reconciled:
- Running balances
- Check/Unckeck transactions
- Balance adjustments
To help identify the missing or wrong transactions, when you filter transactions by clicking on any Asset or Liability account, the running balances on last transaction of each day is showed next to the account name, like bellow:
That way you can verify your bank account statement, for example, and, once the balance match certain day, you make sure the account is reconciled until that day, so you can keep working on next days until find the discrepancies.
Check / Uncheck
Once you have balances matching to certain date, you can check all transactions before that date, creating a point of reference on time and also protecting those transactions from getting edited or deleted.
Bkper also keep track of checked balances on right menu, so you can switch between checked and unchecked balances:
This mechanism is also useful to work with pending transactions, or to post future transactions and confirm it later. See Transaction Status article to learn more.
If, for certain reason, you end up in a situation impossible to find the error, or you believe is more convenient to have the balance right at some point of time, you can adjust the balance. To do so, click on the account you want to adjust and More >> Adjust Account balance:
The transaction editor will be filled with a transaction with the amount corresponding with the adjustment:
If you believe the most recent transactions are right, you can choose an older date to the adjustment.
After the transaction is posted, the balance of the account will be set to the one you chose.
The adjustment process is similar to opening an account balance, so, check out Opening Balances article to learn more.