Fancy some visual assistance?
Watch our handy video for Reconciling your Crunch account, or if you'd prefer to see a fast upload & bank reconciliation summary we’ve got you covered by a quick clip which you can enlarge by selecting:
In order to reconcile the income and expenses you’ve entered into Crunch, you’ll need to “match” them to the entries on your bank statements. You can do this by uploading a .CSV bank statement into your Crunch account.
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. It’s an incredibly important process since it ensures your accounting records are accurate.
To get the maximum benefit of your real-time Crunch account, we recommend you complete the bank reconciliation process every month. This process has to be completed for your whole accounting period before our accountants can begin preparing your company’s year-end accounts.
There are other important dates throughout the year that require your accounts to be reconciled, such as submitting your quarterly VAT Returns, producing annual returns to HMRC, and P11D Forms, 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 maximum dividend, and how your business is performing.
How to upload 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 guide if you need any help with this.
Once you’ve downloaded your bank statement, it’s time to upload it to Crunch, so navigate to the ‘Banking > Dashboard’ tab.
From here, you can either use the blue ‘New statement’ button (top right) or click on the ‘Expand’ button and use the ‘Import statement’ option instead:
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 select ‘Upload CSV’:
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 includes the five fields needed in your Crunch account.
In order to match the transactions, we need your .CSV bank statement to have a date, reference, paid in and paid out (either in one field or separate), and balance fields.
You can use the drop-down menu at the top of each column to tell us which column matches your .CSV bank statement fields.
If they don’t match, check out our guide on how to format a .CSV file.
My CSV statement only has one column for both payments in and out, how do I import this?
After clicking 'Upload CSV', 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:
How to perform Bank Reconciliation in Crunch:
Clicking on the number of entries - 48 in our example above - or clicking ‘Expand’ and choosing the ‘Reconcile Now’ option will take you to the bank reconciliation screen, where you’ll be able to match the statement entries on the left with any entries that you’ve already input into your Crunch account on the right:
Clicking ‘Match’ will then match these two payments and move them into 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 in yellow.
Before choosing a match, check that the information matches the bank statement entry’s date, amount, and type - client payment, expense, money transfer, etc.
When all the transactions have been matched, you can scroll down 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:
If you need to match several client payments to one bank statement entry, please see how to reconcile more than one payment to a single bank statement entry.
If there’s an expense you’ve paid on your bank statement that you haven’t yet added to your Crunch account, check out our guide on how to quickly add an expense during bank reconciliation.
If there’s a transaction that doesn’t match a bank statement entry, and you believe it’s a duplicate/error, it can be deleted by clicking the red ‘X’ cross next to the relevant transaction during reconciliation.
Please note: After deleting a transaction relating to a client payment, you may need to review your sales invoices to either record credit notes or allocate the client payment to another invoice.
Need some help obtaining a .CSV and uploading it to Crunch?
Some pro-tips are available on our Bank Statement & CSV guide.
Made a mistake during bank reconciliation and need to undo the transactions?
Check out our guide for unreconciling your Crunch account.
Interested in setting up our Open Banking or BankBolt integration?
- For Barclays Open Banking, please see here.
- For Metro Bank’s automated bank feed, please see here
Still unsure? No problem! Take a look at our bank reconciliation video