What Is Bank Reconciliation?

Bank Reconciliation (Bank Rec) allows you to match any bank transactions to any FreshBooks Entries in your account so that your FreshBooks Balance matches your Bank Account Balance. It also allows you to create Transfers, Owner’s Equity, and Expense Refund transactions by marking your bank transactions as such, as well as add, edit, delete or undelete transactions as needed.

Matching transactions in your Bank Rec on a periodic basis is a routine bookkeeping task. This helps you run your business better by keeping track of balances in your bank and credit card accounts, outstanding payments and deposits, as well as avoiding unnecessary bank fees and spotting errors faster.

Bank Reconciliation requires a Bank Connection so that you can match transactions from your bank statement to your activity inside FreshBooks. First, you’ll connect to your bank account, then you’ll set an Opening Balance. Once completed, you can start reconciling transactions.

Click on any of the below links to get started with Bank Reconciliation:

1. Set Up Bank Reconciliation
2. Reconcile Simple Transactions
3. Reconcile Complex Transactions
4. Add, Edit, or Delete Bank Rec Transactions
5. Bank Reconciliation Summary Report