Bank reconciliation matches your Finova records against your actual bank statement to ensure they agree. It catches errors, missing entries, and fraud.
Why reconcile?
- Catches duplicate or missing transactions
- Ensures your cash balance is accurate
- Required for clean year-end accounts
- Helps detect unauthorised payments
Steps to reconcile
1
Go to Banking → Bank Reconciliation.
2
Select the bank account you want to reconcile.
3
Enter the closing balance from your bank statement and the statement date.
4
Finova will show you unmatched transactions on both sides. Tick each transaction that appears in both your books and your statement.
5
If a transaction is in your statement but not in Finova, click Add Transaction to create it.
6
Once the difference shows zero, click Complete Reconciliation.
💡Tip: Reconcile monthly at minimum. Weekly reconciliation is even better for active businesses — it takes just a few minutes once you're in the habit.
âš ï¸Note: Do not skip months. Each reconciliation builds on the last. Catching up on 6 months at once is significantly harder than doing them monthly.