Reconcile Your Bank

Compare every statement line with OxyAccounting so the bank balance in the ledger agrees with the bank.

Import a statement

1. Download a CSV statement from FNB, ABSA, Capitec, Standard Bank or Nedbank.
2. Go to Accounting > Bank Reconciliation and select Import Statement.
3. Select the bank, upload the CSV, and review the statement preview, dates, transaction count and balances.
4. Choose the OxyAccounting bank account the statement belongs to, then import it.

You can also use Create Manual Statement when you need to enter a statement period and balances without a CSV.

Match and record the lines

1. Open the imported statement. Review automatic suggestions before accepting them.
2. Match money in to an existing customer payment and money out to an existing approved expense where possible.
3. For a new unmatched line, use Add Transaction and pick what the line was: a customer payment, an expense, an expense refund, a transfer, a salary or SARS payment, and so on. One capture form opens with the fields that category needs. If you pick the wrong one, use Change inside the form rather than starting again.
4. Exclude only a line that genuinely should not be recorded in the books. Exclusion is not a substitute for recording bank fees.
5. Continue until every line is matched or deliberately excluded and the balances agree.

A receipt from a customer billed in another currency

The statement line is in rand, because your bank account is. The invoice it settles is not. So when you record a customer payment against a line for a customer billed abroad, the form asks what the receipt paid off in that customer's currency as well: the rand on the line is what arrived, and the figure you enter is what it cleared.

Enter both and the invoice clears at the rate it was raised at, any bank fee is posted as a bank charge, and the difference between what the invoice was worth and what actually landed is posted as an exchange gain or loss. Entering only the rand would over-credit the customer and leave a credit on their account that means nothing.

Lock the reconciliation

Use Lock Reconciliation after review. Locking is the period-end sign-off for that statement and prevents routine editing. An accounting-period lock is separate: even an unlocked reconciliation cannot remove a journal from a closed GL period.

Undo a wrong match

On an unlocked reconciliation, use the line's unmatch or delete action. If the line created a payment, expense, transfer or refund, the related ledger entry is reversed as part of the action. If the GL period has since been locked, resolve that period first.