The term “bank reconciliation” refers to matching the balance of your Sunrise bank account feed to that of your actual bank account over a certain period of time. This is an important process to perform to ensure the accuracy of the transactions within your instance of Sunrise so that any accounting actions performed are sourced from correct data. If the two numbers don’t match, then some error was made.
For example, let’s say your bank statement shows a balance of $10,000 at the end of October. Meanwhile, your Sunrise feed shows a balance of just $8,000. Considering your bank statement is the ultimate arbiter of truth, your Sunrise bank feed should be reconciled to correct any missing transactions.
There can be a variety of reasons for discrepancies between your Sunrise feed and your bank statement. Reasons include:
Manually entered transactions caused duplications
Reversed/Refunded transactions weren’t correctly processed
Outstanding transactions from older periods changed older balances
Missing transactions from the bank feed didn’t import
No matter how diligent you are, discrepancies can creep in. Sunrise has made it easy to reconcile your feed so you can rest assured that your accounting is always working from correct data. Let’s look at how to use our Period Reconciliation Tool (PRT) for this purpose.
Here’s how to reconcile your Sunrise bank feed with your bank statement with a simple to use tool.
Since you’ll be squaring up your Sunrise bank feed numbers with your actual bank account, you’ll need to have your bank statement ready to view. So log into your bank and download the statement from the month you are trying to balance.
After logging into Sunrise, click “Bank Accounts” on the left navigation.
The first time you reconcile using this tool, you will be prompted to define your start and end date as well as your beginning and ending balances from your bank statement (for your chosen period).
Once your information is filled in, click “Reconcile Period.” You’ll immediately see whether your Sunrise bank feed matches with the balances you just entered in from your bank statement.
If the balances match, this period is now reconciled. You now are assured that your Sunrise bank feed and your bank statement are mirrored for this time period.
You can expand each folder to see the transactions there using the arrow on the right hand side on each folder line, as well as click “Undo Period” to un-reconcile this date range. You may want to undo the reconciliation if your bank statement changes, which is a rare occurrence.
One important note: if you undo a reconciled period, every subsequent period will also be undone. This is to ensure no erroneous transactions can be carried over to the next time periods.
If, after using the Period Reconciliation tool, you find that your Sunrise bank feed balance doesn’t match your bank statement, we have provided an easy way to fix that as well, using our Bank Feed Corrections tool.
This feature lets you import a CSV file from your bank and upload it directly into your Sunrise bank feed. This will automatically find any discrepancies and tell you which transactions are either missing or duplicated, as well as giving you the option to easily correct these errors.
Here’s how the tool works.
If you use the Reconcile Period tool and there are discrepancies, you will be given the option to use the Bank Feed Corrections tool. You can also use this at any time by selecting it from the “More” menu in the upper right.
The next screen will prompt you to upload a CSV of your bank statement, which you can download from your bank’s website.
Next, the Bank Feed Corrections tool will display a summary of the proposed changes for you to approve.
On the next step, the tool will prompt you to remove any duplicate transactions from Sunrise. Again, you will have checkboxes to manually skip any entries you don’t want to change in your Sunrise bank account feed.
Click “Delete Entries” to apply changes.
You’re all set! The next screen will provide a summary of the updates that have been made to your Sunrise account via the Bank Feed Corrections tool.