Skip to main content

How to Reconcile an Account in Invent ERP?

Accurate reconciliation is essential for maintaining reliable financial records. Invent ERP makes reconciliation simple by allowing you to match system transactions with your bank statements.

Step-by-Step Process​

Step 1: Access the Accounting Module​

From the Homepage, click on All Apps, then navigate to the Accounting module.

Step 1 - Access Accounting Module

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 - Open Journal Dashboard

Step 3: Start a New Reconciliation​

Select the bank account you want to reconcile and proceed.

Step 3 - Start Reconciliation

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 - Enter Closing Balance

Step 5: Review Transactions​

Tick the checkbox for each transaction that matches your bank statements.

Step 5 - Review Transactions

Step 6: Handle Differences (If Any)​

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

  1. Add a Manual Transaction.
  2. Specify whether it is a Deposit or Withdrawal.
  3. Select the appropriate account.
  4. Enter the correct amount.

Step 6 - Handle Differences Step 6 - Handle Differences 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 7 - 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.