It’s taken endless hours of work, copious amounts of coffee and months of unfathomable techno babble, but finally we can announce the Crunch bank reconciliation feature is live. The development team deserve a hearty slap on the back and some liquid hydration. Not to mention a thumbs up emoticon.
Bank reconciliation is the process of tallying your bookkeeping records against your bank account. Without this process, your records may be inaccurate, which could lead to bounced cheques and overdraft charges. It’s all about ensuring that the data displayed in your Crunch account is the same as that in your bank account, and with our new system it’s easier than it’s ever been.
Step 1 – Getting your data into Crunch
The first step is to get your bank statement from your bank (in the vast majority of cases you will be able to download it from your online banking site), and upload it to Crunch. Our system will recognise the vast majority of CSV files (a common file format similar to those used by Excel – support of additional formats will come soon). Once you’ve imported your data, you can begin the reconciliation process.
Note – Some banks provide CSV files with incomplete account information (e.g. missing Balance columns) – the Bank Reconciliation FAQ contains details of how to deal with these files.
Step 2 – Matching transactions
Once your statement is imported, you will be taken to the Reconciliation screen. On the left, you will see your bank statement, and on the right, the payments you’ve entered into Crunch. When you select a bank item on the left, Crunch will intelligently suggest matching payments on the right and highlight them to speed up the process. If you haven’t created a corresponding payment in Crunch, you can quickly create one then and there, without leaving the reconciliation screen.
Once you’ve selected two matching items, click “Match”, and the pair will be moved to the reconciliation area at the bottom of the screen.
Step 3 – Reconcile!
Once you’ve matched all your transactions, you simply click the big “Reconcile” button, and the Crunch servers will do the rest.
In the past we’ve had our accountants reconcile accounts on behalf of the customer, but with this new “bank rec” (as the kids call it) feature, users will be able to do it themselves quickly and easily. Of course the App is chock full of handy hints and tips to get your reconciliation done with the minimum of fuss, but if you should run into trouble you can either email us (firstname.lastname@example.org), or ask on Twitter.
As always, simplicity is key, and our bank reconciliation feature is as easy as it gets. In fact, we’re so confident you’ll love it, it’s already included in our free 30-day trial account for prospective new users to try out – enter your email address and it’s all ready for you to play with!