Introducing the Bank Reconciliation report

We recently launched the Bank Reconciliation report: a new tool to help check that the balance in a client’s bank account in FreeAgent matches the balance on their bank statement.

You can find the Bank Reconciliation report in the ‘Accounting’ tab under ‘Reports’ when you switch to a client's account from your Practice Dashboard. Once you’ve entered the closing bank balance on your client’s bank statement as at the end of the period you’re looking at, the report will show the totals for transactions that have come into and out of the selected bank account in FreeAgent during the selected date range.

If the closing balance on your client’s bank statement doesn’t match the closing bank balance in FreeAgent, their bank account will be unreconciled and the difference will be displayed in red. 

You can review a breakdown of the figures in the ‘Full Report’ tab, and you can filter by transactions that have been explained, are currently unexplained or have been manually added.

You can export a summary or a full report as either a PDF or CSV file. Find out more about the Bank Reconciliation report over on our Knowledge Base.