Tracking Reconciliation and Discrepancies

Bank reconciliation is a control tool used to verify that your accounting balance matches your bank balance.

It involves comparing, over a given period, your book entries (recorded in Springly) against your bank transactions (from your bank statements) to identify any discrepancies causing a difference. That difference may have a straightforward explanation — and reconciliation is precisely what helps you find it, or determine what corrections need to be made.

The screenshots in this article show a manual reconciliation, where only book entries are displayed. The same principles apply when reconciling with imported bank transactions (two-column view).

This page explains how to:

• View the reconciliation difference
• Identify the source of the difference
• Edit a completed reconciliation

View the reconciliation difference

On the reconciliation statement

Go to Accounting > Bank reconciliation and open the statement for the relevant period.

If you've just finished pointing the statement and a difference remains, it will appear in the reconciliation statement interface.

Click "Learn more about the difference" to display further details.

This difference is the gap between:

• the bank balance: the end-of-month balance entered in the statement settings;
• the accounting balance, calculated by adding pointed entries to the opening balance for the period.

Several factors can cause differences. Let's walk through how to identify the likely causes.

In this example, the accounting balance is $423.00 higher than the bank balance — possibly because an expenditure of $423.00 was not pointed. That's exactly what you need to determine.

Identify the source of the difference

Initial checks

When a difference is detected, start by identifying:

• Whether the difference originates on the accounting or bank side.
• Which is the first reconciliation statement where a difference appears.

Possible errors on the bank side

• The bank statement balance (entered when creating the statement in the "Reconciliation" tab) is
  incorrect. Solution: check the balances on previous statements one by one, working back from the current statement.

• The bank statement contains an anomaly (e.g., a duplicate payment). Solution: record this in your accounting, then correct the situation with your bank and update your books accordingly.
• The bank balances entered in your opening balance are incorrect. Solution: correct them if this is your first accounting period in Springly. Otherwise, post an adjusting entry. To learn how to correct your opening balance, click here.

Errors related to deposit slips and cash deposits

Payments received but not deposited to the bank on the accounting side are a common source of errors, whether they are:

• Check payments with no deposit slip created.
• Cash payments with no cash deposit recorded.

In practical terms: the money has hit your bank account (and therefore appears on your statement), but hasn't been recorded in your accounting.

Since only entries affecting a 512 account (corresponding to the bank account) are displayed in the reconciliation, payments without a deposit slip or cash deposit will not appear in the list and therefore cannot be reconciled — creating a potential difference.

Since only entries affecting a 512 (Bank) account are displayed in the reconciliation, these payments won't appear in the list and can't be pointed — creating a potential difference.

To check for unrecorded payments, view the balance of the relevant account (511200, 531001, 531002, etc.) in the General ledger as of the reconciliation date.

If the account shows a positive balance (debit balance for a class 5 account), a cash deposit or deposit slip has not been processed. Complete that step and then return to your bank reconciliation.

You can also check your Dashboard to see whether you have any checks left to deposit, and if so, how many.

Differences caused by timing gaps

Some payments take time to clear through the bank. Your book entry is recorded, but the bank transaction hasn't gone through yet (bank processing delays, a check not yet cashed by the payee, etc.) or it falls on the next statement.

Unpointed entries from the current statement are carried over to the following statements, where you'll be able to point them when the time comes. If needed, you can also edit the date of the entry so that it appears in the same month as your bank statement.

Missing book entries

You've reviewed all bank transactions and book entries, but notice that an entry is missing. There are several possible scenarios:

• The entry doesn't exist in the system (you can check using the Search module). Fix: create the missing entry. To learn more, click here;
• The entry exists but contains a data entry error (amount, payment method, bank account, etc.). Fix: locate the entry and correct it;
• The entry has already been reconciled on a previous statement. Fix: go back to that statement and correct it;
• The entry exists but is not displayed in the accounting column of the reconciliation.
  Possible reasons:
  • You're not on the correct bank account. Solution: go back to the "Reconciliation" tab and
    select the right bank account;
  • The entry is dated after the statement period. For example, the entry is dated 04/11, but your statement covers 03/01–03/31. Solution: correct the entry date, or wait for the next bank statement;
  • It's not linked to any bank account (e.g., no payment recorded, processed through petty cash but not deposited, dated in the future, etc.). Solution: edit the entry and it will appear in the statement.

Handling specific cases

Returned checks

Marking a check as returned does not void the deposit slip.

Say you deposited 10 checks totaling $1,000. Three of them, at $100 each, are returned. You mark them as returned in the platform — this does not void your deposit slip.

So how does this affect your bank reconciliation? It depends on how your bank presents the transactions:

• Case 1 (most common): the bank shows a deposit line for $1,000 plus one line per returned check (3 × $100). In this case, reconcile:
  • the $1,000 collected against the deposit slip;
  • then the 3 returned check lines against the automatic entry for each returned check.
• Case 2 (less common): the bank shows a single net amount of $700 ($1,000 collected − $300 returned). In this case, select that single bank line and reconcile it against the 4 accounting lines (1 deposit slip + 3 returned checks).

The payout date from the e-wallet is incorrect

When you transfer funds from your e-wallet to your bank account, an entry is automatically recorded in your accounting. However, there may be a few days between when the payout is requested and when it actually arrives in your account.

If that's the case, you can edit the date of the payout book entry just as you would any other book entry.

Edit a completed reconciliation

Cancel a pointing action

If you made a mistake, you can cancel a pointing action (or reconciliation). Open the reconciliation statement, find the pointed entries in the Pointed section, and click Cancel.

Cancel a reconciliation validation

To cancel a reconciliation validation, go to the reconciliation page for the relevant month. If you've already validated the reconciliation, you have two options:

• Download the reconciliation report
• Cancel the reconciliation validation

This action cancels the validation, meaning your reconciliation work is no longer marked as complete. However, it will not undo the pointing actions you've already made.

Warning: if you edit or delete a transaction that has already been reconciled in your accounting, the reconciliation validation will be automatically canceled. The same applies to checks included in a deposit slip that has been reconciled: editing or deleting a check from the deposit slip will void the deposit slip and cancel the reconciliation statement validation.

Your complete guide: bank reconciliation in Springly

This guide combines theory and hands-on practice.

With tips and screenshots, it walks you through the bank reconciliation process in Springly. Happy reading!

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