How to reconcile a bank account in Reckon One

Have the bank statement for the period in front of you. Reckon One asks for two figures from it: the closing balance and the closing date. A reconciliation compares the transactions and balance in your book with that statement and shows any gap between them, and Reckon suggests doing one regularly.

It helps to know the three statuses Reckon One gives a bank transaction. Uncleared means it has been entered in your book but not yet confirmed against the bank. Cleared means it has been confirmed. Reconciled means it was ticked off in a reconciliation that has been finished.

Some transactions arrive already Cleared. Anything brought in through a direct bank feed, a CSV or QIF file upload, or Quick Coding is marked Cleared automatically, because it came from your bank in the first place. Transactions entered any other way start as Uncleared.

1. Click Reconciliation.
2. In the Account dropdown, check that the bank account you're reconciling is selected.
3. Enter the Statement closing balance and the Statement closing date shown on your bank statement.
4. Click Start reconciliation.
5. Work down the list. In the Reconcile column, tick each transaction that appears both in Reckon One and on your bank statement. A ticked transaction becomes Cleared.
6. If you tick one by mistake, untick it. It goes back to Uncleared.
7. When you've ticked everything that appears on the statement, check that the difference shows $0.00.
8. Click Finish reconciliation.
9. A pop-up appears where you can lock off the period you've reconciled and view the reconciliation report.

Every transaction you ticked now shows as Reconciled on the transactions pages. That status sticks: Reckon says the only way to change it is to undo the reconciliation the transaction was part of.

Reconciled transactions aren't completely frozen. Reckon One lets you edit a reconciled transaction in a locked account, as long as the edit changes neither its bank account nor its total amount. Reckon made this change so corrections can be made without affecting the integrity of the reconciliation.

If you used Continue later instead of finishing, nothing has been marked Reconciled yet; the ticked items carry the Cleared status until you come back and finish.

If the difference isn't $0.00 once you think everything is ticked, click Continue later so your progress is kept, and check with your accountant before changing anything in the book. The same applies to a transaction on the statement that you can't find in Reckon One. For problems with the software itself, Reckon points you to the Reckon One section of its Community forum or to logging a support ticket.