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Reconciliations Overview

The Reconciliations module is the central workspace for managing, tracking, and completing account reconciliations. This comprehensive interface provides visibility into all reconciliation activities for the selected period, enabling preparers, reviewers, and approvers to efficiently prepare, review, and approve reconciliations.

Account Reconciliation is the process of comparing the GL balance for an account to its supporting source of truth (bank statement, subledger, or manual documentation) and resolving any differences.

Account Reconciliation automates and orchestrates this process for finance teams by:

  • Pulling GL balances directly from the ERP.

  • Loading supporting data (bank statements, support lines) into a single workspace.

  • Automatically matching transactions between the GL and support source using AI.

  • Providing preparation, review, and approval workflows with full audit trails.

  • Supporting grouped reconciliations, categorised risk, and dashboards for portfolio-level visibility.

Accessing Reconciliations

To access Reconciliations:

  1. Log in to Account Reconciliation.

  2. Select Reconciliations from the left navigation pane.

    The Reconciliations page loads with the current period displayed in the header (for example, Reconciliations (Jul 2026)).

To view reconciliations for a different period:

  1. Click the Period selector in the top-right header.

  2. Choose the required period from the calendar dropdown. The list refreshes with reconciliations for the selected period.

Understanding Reconciliation Account Types

Account Reconciliation supports the following reconciliation types, determined by the Support Source configuration set in the reconciliation template:

Bank Account Reconciliation

  • Uses bank statements as the support source.

  • Enables AI-powered automatic transaction matching.

  • Requires uploading bank statement files (Excel, CSV, or PDF format).

  • The system automatically parses statements and matches transactions against GL entries.

  • Suitable for cash, bank, and credit card accounts.

  • Uses the Unmatched and Matched tabs for transaction matching.

Standard Reconciliation [v26.3] 

  • Uses manually entered support lines that prove the support balance.

  • Applies to accounts without bank statements (accrued expenses, prepaid accounts, and other GL accounts requiring judgment-based reconciliation).

  • The GL Balance is pulled from the ERP and cannot be overridden.

  • The Support Balance is automatically calculated as the sum of the support lines and cannot be overridden.

  • Preparers add Support Lines that prove what makes up the support balance.

  • No transaction matching. Reconciliation is completed when the difference between GL Balance and Support Balance is within the configured tolerance.

Note: The reconciliation type is set on the template in Administration > Reconciliations.

Understanding Reconciliation Workflow

Account Reconciliation follows a three-stage approval workflow with clear role separation and accountability.

Preparation Stage

Stage indicators:Not Started (grey) before any work begins; In Progress (blue) after work has started.

The assigned preparer performs the following actions:

  • For Bank Account reconciliations:

    • Uploads bank statements.

    • Reviews AI-matched transactions.

    • Manually matches or unmatches transactions as needed.

    • Adds unmatched line items and documents variances with categories and comments.

  • For Standard reconciliations [v26.3]:

    • Adds support lines that prove what makes up the support balance.

    • Assigns categories and comments to support lines at the line level.

The system automatically calculates the difference between the GL Balance and the Support Balance.

The preparer submits the reconciliation for review when the reconciliation is balanced (or within the configured tolerance for Standard reconciliations).

For more information, see Bank Account Reconciliation and Standard Reconciliation.

Review Stage

Stage indicator:In Review (yellow).

The assigned reviewer:

  • Examines the completed reconciliation.

  • Verifies the accuracy of matched transactions and variance explanations.

  • Either approves for final sign-off or rejects back to the Preparation stage.

Approval Stage

Stage indicators:Pending Approval (orange) when awaiting approval; Approved (green) when approved.

The assigned approver:

  • Reviews all documentation and variance explanations.

  • Provides final sign-off, or rejects back to the Preparation stage.

Once approved, the reconciliation is locked. Only the original approver can revert the approval, which returns the reconciliation to the In Progress status.

Reopen Reconciliation

The Reopen Reconciliation feature restarts the reconciliation process when GL balance changes occur. Reset happens automatically when the system detects GL balance changes after submission or approval.

During the reconciliation period, GL balances may change due to:

  • Late journal entries posted in the ERP.

  • Corrections or adjustments to existing entries.

  • Additional transactions processed after the initial data sync.

When the system detects that the GL balance for an account has changed after a reconciliation has been submitted or approved:

  • The workflow automatically reverts the reconciliation to the Preparation stage (In Progress status).

  • If the GL balance change affects previous periods, the system re-opens all periods up to and including the period where the change occurred.

Once the reconciliation is closed in the impacted period, subsequent periods must re-enter and progress through the workflow manually.

Reconciliation Workflow Rules

Role Assignment

  • Preparer and Reviewer can be the same person.

  • Reviewer and Approver cannot be the same person (system enforces separation of duties).

  • Any role can be assigned to Anyone, allowing any user to perform that function.

Comment Requirements

  • Comments are optional when submitting for review or approval.

  • Comments are mandatory when rejecting a reconciliation.

Revert Approval

  • Only the user who approved a reconciliation can revert the approval.

  • Reverting returns the reconciliation to the In Progress stage.

Reconciliation Workflow Restrictions

To protect data integrity and maintain proper audit trails, editing actions are automatically disabled once a reconciliation moves beyond the Preparation stage.

Actions are also blocked if the reconciliation for the same account in a prior period is still open. The system displays a message indicating that no action can be performed until the prior period reconciliation is closed.

Bank Account Reconciliations

Once submitted for review, the following actions are locked:

  • Match / unmatch transactions.

  • Upload files.

  • Edit transaction details.

  • Delete transactions.

  • Reset reconciliation.

  • Set Balance.

Standard Reconciliations [v26.3] 

Once submitted for review, the following actions are locked:

  • Add support lines.

  • Edit support lines.

  • Delete support lines.

  • Upload supporting documents.

  • Add or edit categories and comments at the line level.

Early Start for Next-Period Reconciliations [v26.1] 

Preparers can start the next period's reconciliation once the current period moves beyond the Preparation stage.

Rules:

  • The next-period reconciliation is available to start as soon as the current period is submitted for review.

  • The next-period reconciliation cannot be submitted for review until the previous period's reconciliation is completed (approved).

If the previous period is rejected or reopened, the system automatically resets automatic matches in the next period (manual matches are preserved) and restricts specific actions until the previous period returns to review.

Note: The rejection message in the previous period includes the warning: "This will reset auto matches in the future reconciliation."

 

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