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How to upload a bank statement and reconcile your Crunch Account

Bank statement import and reconciliation are quick and easy in Crunch.

In order to reconcile the income and expenses you’ve entered into your Crunch account, you’ll need to match them to the entries on your bank statements. You can do this by uploading a bank statement to your Crunch account.

A bank reconciliation (sometimes referred to as "Bank rec") is the process of matching the transactions on your bank statement against your accounting records to make sure that all transactions have been recorded correctly. You need to do this to ensure that your accounting records are accurate. 

In order to get the maximum benefit from your real-time Crunch software, we recommend you complete the bank reconciliation process every month. 

The bank reconciliation process has to be completed for your whole accounting period before our accountants can begin preparing your company’s annual accounts. There are other important dates throughout the year that require your accounts to be reconciled, such as submitting your quarterly VAT returns and producing annual returns to HMRC (such as Form P11D which must be submitted by 5th July each year).

An up to date Crunch account also gives you a better picture of the tax you owe, how much you can take as a dividend and how your business is performing.

Uploading a bank statement as a CSV file

First, you’ll need to go to your online business banking account to download a statement - please download it in “.CSV” format. We've got a separate Bank Statement and CSV Upload Guide if you need any help with this. Once you’ve downloaded your bank statement, it’s time to upload it to your Crunch account. 

To upload a bank statement, navigate to the Banking tab and make sure you’re on the ‘dashboard’. Here, you can either use the blue Add new statement button in the top right of the screen or click on ‘expand’ and use the ‘import statement’ option.



On the upload statement screen, make sure the correct bank account is selected and then click Choose a file to find the statement file on your computer. Then click upload.


 

You’ll then be presented with a preview of your statement.

On this screen, it’s important that the columns in your downloaded CSV bank statement include the five fields needed in your Crunch account. In order to match the transactions, we need your CSV bank statement to have a date, a reference, paid in and paid out fields (either in one field or as separate fields), and a balance field. You can use the drop-down box at the top of each column in your Crunch account to tell us which column matches your CSV bank statement field. If they don’t match, then we have a guide on how to format a CSV file.
 

After clicking Import statement, you’ll get confirmation of how many transactions were imported.

You can then choose Import and start reconciling to begin reconciliation, or click Import and you’ll be returned to the list of all uploaded statements for that bank account. Navigate back to the banking dashboard and you’ll notice that there are now a number of entries to match:

Bank reconciliation in Crunch

Clicking on the number of entries - 48 in our example above, (or clicking Expand and choosing the similar Entries to match option) will take you to the bank reconciliation screen, where you’ll be able to match the statement entries on the left with the entries that you’ve already entered into your Crunch account on the right.

Clicking Match will then match these two payments and move them to the Matched entries section at the bottom of the screen.

Sometimes, there’ll be only one possible match, sometimes multiple, depending on the value of the transaction. If there are multiple matches, all possible options will be highlighted.

Before choosing a match, check that the information matches the bank statement entry’s date, amount, and type (client payment, expenses, bank transfer, etc.).

When all the transactions have been matched, you can move to the Matched entries area and check everything is correct before clicking Reconcile to save your data.

Sometimes a bank statement entry will not be a perfect match against the information in your Crunch account. In these situations, consider the following:

After deleting a transaction relating to a receipt from a client, you may need to review your sales invoices to either record credit notes or allocate the invoice to another client payment.

If you’ve made a mistake in your bank reconciliation, we’ve got an article on How to unreconcile your bank account.

 

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Last Updated: 31 Jul 2019 05:51PM BST
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