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Bank Statement Troubleshooting and Reconciling Periods

When bank statements are loaded into Valid8, they are checked against reconciliation rules. Statements that do not pass are flagged in yellow, indicating a discrepancy that must be resolved before the period can be marked as reconciled. This article covers how to identify, investigate, and fix reconciliation issues.

 

Steps

  1. From the process map, click the Bank Statements tile.
  2. In the Statements window, click the Statements icon in the upper left-hand corner. Review the Chevrons to see the total number of statements, how many are unassigned, how many are marked to be reconciled, and how many have been reconciled.
  3. Identify statements flagged in yellow — these indicate a reconciliation issue.
  4. To review the source data, click the icon in the File column for the statement. This opens a PDF copy of the original statement so you can inspect the data for inaccuracies or redacted information.
  5. Return to the Statements window and open the Reconcile view for the flagged statement. Read the error message to identify the specific reconciliation issue.
  6. Common reconciliation errors include:
    • Transactions outside the statement's start and end date range
    • Account balance variance is not equal to zero
    • Date overlap between two statements
  7. Correct the data per the error message. Once the discrepancy is fixed, click the Save icon, then click Reconcile.
  8. Once reconciled, the statement is locked — transactions can no longer be edited. If further changes are needed, click Unreconcile to reopen the statement, make corrections, then reconcile again.

Bulk reconciliation

  1. On the Statements view, click the To Reconcile chevron.
  2. Select the statement lines you want to reconcile.
  3. Click the Reconcile button.
  4. The user will be updated with how many statements will be reconciled.