Bank Reconciliation Report

The Bank Reconciliation Report is used to compare the bank account balance in the system with the balance based on the uploaded bank statement, while clearly highlighting any differences between them.

This report helps you understand the reasons behind discrepancies, whether they are caused by transactions that have not yet been recorded or errors that require review..

When to use it?

• At the end of each month to reconcile the bank statement
• Before preparing financial reports
• When there is an unexplained difference in the bank balance
• During audits or financial reviews

What does the report show?

The report provides a comparison between:

• The bank account balance in the system
• The balance according to the bank statement
   

It also shows:

• Transactions recorded in the system but not yet reflected in the bank
• Transactions present in the bank statement but not recorded in the system
• The final difference between the two balances

Report components

The report includes:

• Ledger Balance
• Unreconciled in Wafeq
• Unreconciled Bank Statement Lines
• Reconciled transactions
• Bank Statement Balance

How to access the Bank Reconciliation Report

1. Click on "Reports" from the main menu
2. Under the "For Accountants" section, select "Bank Reconciliation Report"

How to use the report?

When you first open the report, it appears empty. Unlike other reports, the bank reconciliation report does not work across all accounts at once—it requires a specific bank account.

Without selecting an account:

• No balance can be calculated

• No comparison with the bank statement can be made

• Therefore, no data will be displayed
  
  

1. Select the required bank account by clicking on "Add filter", then "Account", and choose the bank account you want to reconcile with the bank statement.
   
   
    
2. Select the date range
   
   
    
3. Compare the system balance with the bank balance:
   Start by comparing the Ledger Balance in Wafeq with the bank statement balance as of the same date.
   Any difference indicates that there are transactions on one side that have not yet been matched.
   
    

4. Review unmatched transactions:
   Unreconciled in Wafeq:
   Transactions recorded in the system but not yet reflected in the bank

   Unreconciled Bank Statement Lines:
   Transactions present in the bank statement but not recorded or matched in the system

   These represent the causes of the difference between the two balances.
    

5.Resolve differences:

• Record any missing transactions
• Match corresponding transactions between the system and the bank statement (by selecting both sides)
• so they are marked as reconciled and removed from the discrepancy list
• Correct any errors and ensure all transactions are fully matched

Exporting the report

You can download the report in different formats such as:

• PDF

• Excel

Using the "Export" button at the top of the screen