In this article, we’ll be explaining how to add an outgoing expense and payment during bank reconciliation.
When you're in the process of reconciling your accounts, you can add complete expenses without having to leave the bank reconciliation screen. Generally speaking, this can be a much quicker process, which allows you to record multiple transactions and reconcile your accounts at the same time, meaning far less administration time required by you.
If you’re looking for help with a different type of entry that appears on your bank statement, but not in the app, please see here.
When you come across a statement entry on the left-hand side of bank reconciliation, but you can’t see a matching payment on the right-hand side, you can click 'New Payment' to quickly add one in, as shown below:
In the form that appears, you’ll have to choose the type of outgoing payment you're adding. In our example, we’ll be using an expense payment. However, you’ll see that you have a fair few options to choose from, which allows you to cover the majority of outgoing transactions using this bank reconciliation method:
Once you've selected a supplier for this expense, you can click the 'Create new' button to create a new expense in its entirety, entering the expense date and relevant line items, and deleting them with the red ‘X’ if necessary.
Note: You can quickly add a new supplier through this form if it’s missing. Select the ‘+Add New Supplier’ button, and it will take you back onto the expense form to create your entry.
You’ll then notice that the form below will pre-populate information based on who you’ve selected as your ‘Supplier’. You can also select ‘same as statement entry’ to get an exact date match against your banking statement.
Furthermore, you’ll also see that the data on your banking statement has pulled through into this form as well, such as the description and the exact gross total amount, as shown below:
Choose existing expense(s):
Alternatively, once you've selected a supplier for this expense, you can then create a payment for an existing unpaid expense by using the 'Choose existing expense(s)' button and using the checkboxes on the side to select the expense(s) you're creating a payment for.
Whether you're creating a new payment for an existing expense or creating an entirely new expense, clicking the 'Create and match' button at the bottom will save your new expense as well as matching it directly against your bank statement entry.
This will then return you to the main bank reconciliation screen so that you can continue reconciling your accounts up to date.
Need to create a new ‘supplier’?
Check this out
Want to create the expense before bank reconciliation?
No problem, find out another way here
Want to set up a ‘recurring expense’?
We’ve got you covered, here
Need to attach an expense to an invoice so you can ‘recharge’ it to your client?
We have this for you too