Bank Reconciliation Feature in Profitz

Description: The Bank Reconciliation module in Profitz allows you to match your bank statement transactions with system transactions recorded in the General Ledger. It supports both manual and automated workflows to help you maintain accurate cash balances and streamline your month-end process.

Purpose and Benefits

Bank Reconciliation ensures your ledger reflects actual bank activity. By reconciling deposits, withdrawals, journals, and customer payments, you can:

• Detect missing or duplicate transactions
• Confirm cash balances
• Support audit and compliance
• Finalise month-end and year-end reporting

Profitz supports two reconciliation methods:

• Classic Reconciliation — Manual matching of system and bank transactions
• Excel Import & Auto Matching — Automated pairing using imported bank statement files

Both methods allow you to post missing entries, reconcile unmatched items, and finalise the reconciliation once all differences are resolved.

Navigate to General Ledger › Bank Reconciliation

Key Features

• Reconciliation Run Setup: Define the bank account, reconciliation date, and opening/closing balances. This creates the framework for each reconciliation cycle.
• Classic Reconciliation: Manually match system transactions with bank statement entries. Tick or untick transactions until the unreconciled amount reaches zero.
• Excel Import & Auto Matching: Import bank statement lines from Excel and automatically match them to system transactions. Use Auto Matching to pair entries and resolve differences.
• Post Missing Bank Entry: Create a journal entry directly from the reconciliation screen when a bank transaction is missing in Profitz.
• AR Cash Posting: Record customer payments that appear on the bank statement but haven’t been entered into Accounts Receivable.
• GLRE Transactions: Review how system and bank transactions were paired during reconciliation. This is a read-only view for audit and verification.
• Reconciliation Report: Generate a detailed report showing all transactions included in a reconciliation run. Use this for audit trails, financial reviews, and month-end support.

Best Practices

• Use Auto Matching for faster reconciliation when importing bank statements
• Always verify the Unreconciled Amount is zero before finalising
• Use Post Missing Bank Entry and AR Cash Posting to resolve unmatched items
• Export the Reconciliation Report for audit and month-end documentation

Limitations

• Excel headers must match the Profitz view exactly
• Unpaired Excel transactions do not carry forward — reimport them in a new run

FAQ

Can I use both Classic and Excel methods? Yes. You can choose the method that best suits your workflow.

What happens to unpaired transactions?

• Unpaired system transactions carry forward to the next run
• Unpaired Excel transactions must be reimported in a new run

Can I reverse a reconciliation? No. Once a reconciliation is finalised, it cannot be undone. Review all entries before clicking Reconciled.

Related articles:

• [How to Set Up a Reconciliation Run]
• [How to Import Bank Transactions Using Excel]
• [How to Complete a Classic GL Bank Reconciliation]
• [How to Complete a GL Bank Reconciliation Using Excel Import and Auto Matching]
• [How to Use Post Missing Bank Entry, AR Cash Posting, and GLRE Transactions]
• [How to View the Reconciliation Report]