Bank reconciliation is a process that allows you to account for all payments and receipts on your bank statement. In this way, the data available in Holded always reflects a true and reliable picture of the accounting situation of your business.
What is magic reconciliation?
The bank reconciliation section in Holded offers the magic reconciliation option. This functionality detects the collections/payments or sales/purchases that have a similarity in amount, date or concept with the transaction you want to reconcile and generates recommendations. This allows you to reconcile the transactions in your bank statement against documents already created in Holded in a single click.
In addition, this action executes two tasks simultaneously in a matter of seconds: it validates the bank transactions at the same time as it creates the relevant collections and payments.
Learn here how magic reconciliation works
What information is included in the bank reconciliation section?
- Pending transactions: All those payments or collections that have not yet been related to a document or entry in Holded
- Transactions in partial status: They have not been completely reconciled so it will be necessary to relate them to another document or entry to settle them
- Reconciled transactions: Reflects all the transactions of the statement that have already been reconciled so that they are completely settled at the accounting level
- All: You will be able to visualize by date all the transactions that have been synchronized with Holded
- Flag: This section groups the transactions that you have highlighted with this icon to consult them or remember them at a later date
- Search bar: allows you to perform a text search of the transactions you want to consult
- Time selector: you can use it to limit the documents displayed according to the time period
- Access to the magic reconciliation feature
- Settings: Allows you to archive the bank account or credit card you are working with, as well as edit its details
Documents appears when you select a transaction from the bank statement. From this section you can view all the existing documents of Sales, Purchases, Payments, Collections and Wire transfers to be able to associate them to the transaction selected in the statement.
In case you want to create new documents to be reconciled, you can use the New payment/charge and Match with new document options available in this section.
From this section you can view all the reconciliations you have made so far and access the deconciliation option.
What can you do from the bank reconciliation section?
- New payment or charge: Create a new payment or collection, selecting the contact and amount, to be able to relate it with the bank transaction instantly
- Match with new document: From this option you can create new invoices, sales tickets, as well as accounting entries to relate them with the selected bank transaction
The creation and reconciliation of accounting entries is very useful for balancing personal income tax or VAT accounts when making payments for monthly or quarterly returns.
- Reconcile documents already created in Holded from the Sales, Purchases, Payment, Charges and Wire transfers tabs
- Perform the magic reconciliation: quickly reconcile transactions with documents already created in Holded
Learn here how to perform the bank reconciliation in Holded