To help you manage your business more efficiently, Axonaut is equipped with a bank reconciliation tool. This feature helps you automatically reconcile your activity in Axonaut (expenses, revenue) with transactions in your bank account. Bank reconciliation ensures that your records are correct, helps detect fraud and alleviates stress at tax time. Note: this feature is only available to Administrators.
Getting started.
To access the Bank Reconciliation feature in Axonaut, go to Overview in the main menu, click on Invoices, then Bank reconciliation.
Connect.
Next, you’ll want to connect your bank so the transactions appear in Axonaut. Connecting your bank is free, quick, and secure, thanks to our fin-tech partner, Plaid.
Import.
After you’ve connected your bank and selected the accounts you wish to import, the Bank Reconciliation tab will automatically display all of your account’s line items, just as they appear on your bank’s website.
Reconcile.
Whether it’s transfers, checks, deposits or credit card transactions, each item will load in real-time. Then, Axonaut will compare and match the lines with your invoices and expenses. Next, it will invite you to reconcile.
How does it work?
When the bank statement items do correspond.
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When a bank line displays the same amount as one of your invoices/expenses, the tool recognizes it automatically and suggests that you reconcile the line with its corresponding invoice / expense.
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Simply verify the heading [alt: name] on the suggested invoice (or expense) in Axonaut and click on the pink “Reconcile” button in the Payments column.
When the bank statement items don’t correspond.
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If, for example, the amount reported differs slightly from what the tool displays, or there is no corresponding invoice/expense, you will need to click the blue button with the three vertical dots at the end of the line.
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Clicking this button will open a list of actions for reconciliation.
The options are,
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Add expense / invoice |
Allows you to generate a corresponding invoice / expense directly in the reconciliation interface. |
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Partially paid expense / invoice |
Exclusively for payments made in multiple installments, this button allows you to reconcile a line with a value that’s lower than the total of the invoice / expense in question. |
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Reconcile multiple expenses / invoices |
Use this option to reconcile a bank line whose amount is equal to the sum of several invoices or expenses. |
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Mark as ‘processed’ and do nothing |
Use this option when none of the others are applicable. It allows you to make the line disappear. However, you must manually record a payment on the corresponding invoice(s) / expenditure(s). |
Exporting statements.
At the end of the month, or year, you can easily export a summary for your accountant by clicking on the blue button ‘Export Lines’.
At Axonaut, we aim to help your business achieve new levels of efficiency and auditability. Automated transaction matching is a simple, reliable way to stay on top of account activities.
Questions? Need help? We’re here for you!
Don’t hesitate to contact us if you require additional assistance at support@axoanut.com.