--- title: "Bank Reconciliation - Overview" canonical: "https://kb.myframeworks.com.au/space/CO/30529362/Bank%20Reconciliation%20-%20Overview" format: markdown --- **Bank reconciliation **is the process of matching general ledger (GL) transactions with bank statement entries to verify that your financial records accurately reflect your actual bank account activity. This process identifies discrepancies, ensures accurate financial reporting, and maintains audit trails for compliance. Frameworks supports two reconciliation methods: 1. **Manual reconciliation** where you enter statement details and match transactions yourself, and 2. **File import reconciliation **where you import bank statement files and use automated matching suggestions. The choice depends on whether you have the **Electronic Banking feature (BNK)** activated and whether your bank provides electronic statement exports. Monthly bank reconciliation is critical for detecting errors, identifying fraudulent transactions, and ensuring your general ledger balance matches your actual bank balance. Unreconciled items carry forward to the next period until matched, ensuring no transactions are overlooked. ## Process Stages > Macro (include) Bank reconciliation follows these stages regardless of method: 1. **Statement Preparation** - Obtain your bank statement (paper copy or electronic file) and ensure the GL period is open for the statement date. 2. **Reconciliation Creation** - Create a new bank reconciliation in Frameworks, either by manually entering statement details or importing a bank statement file. 3. **Transaction Matching** - Match bank statement entries with GL transactions. This can be done manually by selecting matching entries or using automated suggestions in file import reconciliations. 4. **Discrepancy Resolution** - For unmatched items, create journal entries for bank fees or errors, or create customer payments for receipts not yet in the system. 5. **Finalisation** - Review all matches, confirm the GL balance equals the statement balance, and mark the reconciliation as complete. This locks the reconciliation and cannot be reversed. --- ## Related Tasks **Manual Reconciliation:** - [Create a Manual Bank Reconciliation](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/400490517) - [Reconcile Bank Statements Manually](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/30507268) **Statement Import Reconciliation:** - [Import a Bank Statement for Reconciliation](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/30530970) - [Reconcile an Imported Bank Statement](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/30515312) - [Resolve Duplicate Statement Transactions](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/402358293) **Adjustments and Corrections:** - [Review Suggested Matches](https://kb.myframeworks.com.au/space/CO/30515312/Reconcile+an+Imported+Bank+Statement#1.-Suggested-Matches) - [Review Suggested Customer Payments](https://kb.myframeworks.com.au/space/CO/30515312/Reconcile+an+Imported+Bank+Statement#2.-Suggested-Customer-Payments) - [Review Suggested Supplier Refunds](https://kb.myframeworks.com.au/space/CO/30515312/Reconcile+an+Imported+Bank+Statement#3.-Suggested-Supplier-Refunds) - [Review Suggested GL Journals](https://kb.myframeworks.com.au/space/CO/30515312/Reconcile+an+Imported+Bank+Statement#4.-Suggested-GL-Journals) - [Create a Journal Entry from a Bank Statement](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/403996675) - [Create an Inter-Company Journal Entry from Bank Statement](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/402685980) - [Create a Customer Payments from a Bank Statement](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/402980894) - [Create a New Journal Entry for Bank Reconciliation](https://sterlandsupport.atlassian.net/wiki/spaces/CO/pages/401801224) --- ## Who's Involved - **Accountants:** Perform monthly bank reconciliations, review matches, create journal entries for adjustments, and finalise completed reconciliations. - **Accounts Receivable Staff:** Process customer payments identified during electronic reconciliation, allocate payments to invoices, and resolve payment discrepancies. - **System Administrators:** Configure bank account settings, enable bank statement import formats, set up security access, and activate the Electronic Banking feature code if file import reconciliation is required. - **Bank Reconciliation Assignees:** Users assigned to specific reconciliations who are responsible for completing the matching process and resolving discrepancies for their assigned statements. ## Key Concepts - [Understanding Bank Reconciliation](https://sterlandsupport.atlassian.net/wiki/spaces/FRAM/pages/28380798) - [Bank Reconciliation Dashboard - Field Definitions](https://sterlandsupport.atlassian.net/wiki/spaces/FRAM/pages/28380822) - [Manual Bank Statement Reconciliation - Field Definitions](https://sterlandsupport.atlassian.net/wiki/spaces/FRAM/pages/28380750) - [Imported Bank Statement Reconciliation - Field Definitions](https://sterlandsupport.atlassian.net/wiki/spaces/FRAM/pages/28380810) - [https://sterlandsupport.atlassian.net/wiki/spaces/FRAM/pages/28408698](https://sterlandsupport.atlassian.net/wiki/spaces/FRAM/pages/28408698) --- > ⚠️ **Important:** File import reconciliation requires the BNK feature code to be active. Without this feature, only manual reconciliation is available through the Bank Reconciliation Dashboard.