{"id":9285,"date":"2022-08-29T11:23:30","date_gmt":"2022-08-29T11:23:30","guid":{"rendered":"https:\/\/synder.com\/blog\/?p=9285"},"modified":"2024-06-19T14:08:32","modified_gmt":"2024-06-19T14:08:32","slug":"reconciliation-feature","status":"publish","type":"post","link":"https:\/\/synder.com\/blog\/reconciliation-feature\/","title":{"rendered":"Reconciliation: a Short Feature Overview"},"content":{"rendered":"\n

Let\u2019s see how you can maximize the percentage of hitting zero at the very end with the help of Synder Sync!<\/p>\n\n\n\n\n\n\n\n\n

Why is the Reconciliation feature so important?<\/h2>\n\n\n\n

Reconciliation is the process of identifying and correcting accounting mistakes, omissions, or inconsistencies in financial records. It\u2019s a process that every company must go through to ensure their books are balanced and accurate. Having an organized reconciliation system can save you time and money by reducing manual intervention and minimizing the risk of error.<\/p>\n\n\n\n

Reconciliation is important because it helps you identify and correct any discrepancies before they become larger problems. <\/p>\n\n\n\n

The main reason to reconcile is to ensure the accuracy and validity of financial information. When you reconcile transactions, any discrepancies or unauthorized changes that have occurred during the reporting period come to the surface, giving you a clearer picture of your finances. <\/p>\n\n\n\n

To learn more about what reconciliation is, check our article \u201c<\/em>What is Reconciliation in Accounting?<\/em><\/a>\u201d which uncovers the details of this feature.<\/em><\/p>\n\n\n\n

How does it work?<\/h2>\n\n\n\n

If you\u2019re using accounting software, the actual reconciliation process is very easy. If you don\u2019t have any online transactions in a particular checking or credit card account, you just have to verify transactions that your system has pulled in from your account by ordering them into proper categories. Once everything is categorized, you can start the reconciliation. All you\u2019ll need is the corresponding bank statement ending balance. Upon entering your ending balance, you\u2019ll see a zero \u2013 it means everything has been recorded correctly. <\/p>\n\n\n\n

Let\u2019s see how you can ease the reconciliation process and maximize the percentage of hitting zero at the very end with the help of Synder Sync!<\/p>\n\n\n\n

We\u2019ll take Stripe and QuickBooks Online as the services connected to Synder. <\/p>\n\n\n\n

Step 1:<\/strong> Sync Stripe transaction in Synder so that it\u2019ll be shown in QuickBooks account:<\/p>\n\n\n\n

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\"reconciliation<\/figure><\/div>\n\n\n\n

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\"reconciliation<\/figure><\/div>\n\n\n\n

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Step 2:<\/strong> Synder Sync will create a \u201cStripe Bank account\u201d. Once Stripe transfers money to the actual bank, the software will record a transfer from the Stripe Bank account to the Checking account. The process shows the actual money flow starting from the moment when the funds hit the Stripe account to the moment when they\u2019re transferred to the Checking account. <\/p>\n\n\n\n

Step 3:<\/strong> QuickBooks pre-matches the transfer from \u201cClearing\u201d to \u201cChecking\u201d account for the same amount of the bank statement line. At this point, QuickBooks makes a guess about which of the bank statement lines corresponds to a particular transaction that is created in the \u201cChecking account\u201c. You are able to confirm its guess by clicking \u201cConfirm\u201c:<\/p>\n\n\n\n

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\"reconciliation<\/figure><\/div>\n\n\n\n

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\"reconciliation<\/figure><\/div>\n\n\n\n

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\ud83d\udccc Note:<\/em> Once you match all the transactions, the difference should be 0 to prove that your accounting is correct.<\/p>\n\n\n\n

Check our tutorial for reconciliation to see how it works step by step (e-commerce and payment gateway connection):<\/h3>\n\n\n\n
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