Skip to main content

How to Reconcile an Account in Invent ERP?

Accurate reconciliation is essential for maintaining reliable financial records. Invent ERP makes the reconciliation process simple by allowing you to match your system transactions with you bank statements, handle differences, and keep your accounts balanced with confidence.

Step-by-Step Process​

Step 1: Access the Accounting Module​

From the Homepage, click on All Apps

Step 1 - Access Accounting Module

Then navigate to the Accounting module.

Step 1 - Open Journal Dashboard

Step 2: Open the Journal Dashboard​

Once inside Accounting, you'll see the Journal Dashboard where you can view your bank accounts and journal details.

Step 2 - Start Reconciliation

Step 3: Start a New Reconciliation​

Select the bank account you want to reconcile and proceed.

Step 3 - Enter Closing Balance

Step 4: Enter the Closing Balance​

Enter the Closing Balance based on your bank statement for the selected reconciliation period, and click Create.

Step 4 - Review Transactions

Step 5: Review Transactions​

You'll now see a list of transactions linked to the selected account. Tick the checkbox for each transaction that matches your bank statements.

Step 6 - Handle Differences

Step 6: Handle Differences (If Any)​

If there is a difference between the system balance and your bank statement:

  • Add a Manual Transaction.

Step 6 - Handle Differences

  • Specify whether it is a Deposit or Withdrawal.
  • Select the appropriate account.
  • Enter the correct amount.

Step 6 - Handle Differences

Step 7: Complete the Reconciliation​

Once all transactions are reviewed and the balance matches, click Reconcile.

Step 7 - Complete Reconciliation

Step 8: Review Reconciled Records​

Your account is now successfully reconciled. You can revisit the reconciliation record at any time for review or auditing purposes

Step 8 - Complete Reconciliation

Notes & Tips​

  • Reconcile accounts regularly to avoid large discrepancies.
  • Use manual transactions only when necessary and ensure they are properly documented.
  • Reconciled entries remain accessible for future reference and reporting.

FAQ​

Q: Can I edit a reconciliation after it's completed? Reconciled records can be reviewed, but changes may require reversing or adjusting entries.

Q: What happens if I don't reconcile regularly? Delayed reconciliation can make discrepancies harder to track and may impact financial accuracy.

Q: Can I reconcile multiple bank accounts? Yes. Each bank account can be reconciled individually from the Journal Dashboard.