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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 payments or 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 the app.

Bank reconciliation is the process of checking your bank account statements against your accounting records to make sure that transactions have been recorded correctly. You need to do this to ensure that your accounting records are accurate. 
The reconciliation process has to be fully completed before our accountants can produce your Year End accounts, there are other important dates for reconciliation throughout the year such as producing your P11D. 

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. That’s why we always recommend keeping your Crunch account up to date and reconciling at least once a month or whenever you receive your statements.

 

Uploading a bank statement as a CSV file


Firstly, you’ll need to go to your online business banking to download a statement - please download it in “.CSV” format. We've got a separate article on getting your Bank Statement as a CSV file if you need any help with this. Once you've downloaded your statement to your computer, it’s time to upload it to Crunch.

To upload a 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 desired 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 to match the columns in your statement to the fields that we need in Crunch. In order to match the payments, we need your statement to have a date, a reference, a paid in and paid out fields (either in one field, or as separate fields), as well as a balance field. You can use the drop-down boxes at the head of each column to tell us which column is which.

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

You can choose Import and start reconciling to begin reconciliation, or just click Import and 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 enties- 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 Crunch, 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 will be only one possible match, sometimes multiple. If there are multiple matches then all possible options will be highlighted.

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

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

Sometimes a statement entry will not be a perfect match for the information entered:

After deleting a payment you may need to review your invoices to either record credit notes or allocate the invoice to another client payment.

If you’ve made a mistake in your bank reconciliationwe’ve got an article on how to undo your Bank Reconciliation
 

 

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Last Updated: 16 Jul 2019 05:10PM BST
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