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How to upload a bank statement and reconcile your Crunch Account

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:

For a step-by-step guide, please follow the instructions below:

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.

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. 



 

My CSV statement only has one column for both payments in and out, how do I import this?

This is fine as we will be able to work out which are debits and which are credits. Upload your statement and in the preview summary, select 'Paid In and Paid Out' from the dropdown menu for the column that shows your payments in and out.

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:

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?

Made a mistake during bank reconciliation and need to undo the transactions?

Interested in setting up our Open Banking or BankBolt integration?

Still unsure? No problem! Take a look at our bank reconciliation video

 
Last Updated: 13 Nov 2019 11:01AM GMT
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