Bank Reconciliation

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Overview

Bank Reconciliation compares the transactions recorded in Efimis against your bank statement to confirm that all receipts and payments have been processed correctly.

The reconciliation process is the same for both Office and Client/Trust bank accounts.

Bank statement transactions can be added using:

Manual statement entry
Open Banking transactions, where Open Banking is enabled
Imported bank statement files

Once statement entries have been imported or entered, Efimis assists with matching transactions before the reconciliation is finalised.

The options available may depend on the user’s permissions, account setup and whether Open Banking is enabled for the account.

Opening a Bank Reconciliation

To begin a reconciliation:

Navigate to Banking.
Select the required Office Cash Account or Client/Trust Cash Account, then open Reconciliation from the account actions.

Adding Bank Statement Entries

Bank statement transactions must exist before they can be matched.

You can add statement entries in one of three ways.

Method	Description
Manual Entry	Enter individual bank statement transactions manually.
Open Banking	Retrieve transactions automatically using an active bank feed.
Import File	Import transactions from a supported bank statement file.

Some entry methods may not be available for every account. For example, file import can be disabled for certain accounts, and Open Banking only appears where it has been enabled.

Entering Statement Entries Manually

Bank statement transactions can be entered manually from the Bank Statements screen.

Step	Action
1	Open Bank Statements
2	Select Add Entry
3	Enter the Statement Date
4	Enter the Bank Reference, if applicable
5	Enter a Memo describing the transaction
6	Enter the Amount
7	Select Save or Save & New

Using Open Banking

Where Open Banking is enabled, users can download the latest available bank transactions from the Bank Statements screen by selecting Download Open Banking Transactions.

Open the Bank Statement.
Select Download Open Banking Transactions

Downloaded transactions are added to the bank statement ready for matching.

Importing a Bank Statement

Bank statements can also be imported from a file exported by your financial institution.

Select the file type that matches the statement file provided by the bank. Available file types may depend on the account and bank configuration.

Step	Action
1	Open Bank Statements.
2	Select Actions > Import.
3	In the Import Statement window, select the required File type.
4	Upload or drag and drop the statement file.
5	Review the entries marked Ready for import.
6	Select Import.

Imported transactions are created with an Unmatched status until reconciled.

Matching Transactions

Efimis compares bank statement entries with cashbook transactions and suggests possible matches.

The reconciliation workspace contains three tabs.

Tab	Purpose
Suggested	Displays transactions Efimis believes should be matched.
Unmatched	Displays transactions that still require matching.
Matched	Displays transactions that have already been matched.

To complete matching:

Review suggested matches.
Select the Match (✓) button to confirm a suggested match.
Select Dismiss Suggestions if the suggested match is incorrect.
Continue until all required transactions have been matched.

Matched transactions appear in the Matched tab.

Selecting Unmatch removes an existing match.

Reconciling the Account

The reconciliation screen shows balances including Bank Balance, Unposted Balance, Unreconciled Balance, Cashbook Balance and Variance.

Once transactions have been matched:

Step	Action
1	Select Start Reconciliation.
2	Enter the Statement Date.
3	Review the reconciliation balances.
4	Review the Variance and investigate any unexplained difference before completing the reconciliation.
5	Select Reconcile to complete the reconciliation.

After reconciliation:

A Bank Reconciliation Report is produced.
Optional reconciliation comments can be recorded.
Additional cashbook transactions can be posted if required.

Reversed Cashbook Transactions

When a cashbook transaction is reversed, Efimis automatically matches the reversal with the original cashbook transaction where the original transaction is still unmatched and unreconciled.

This prevents reversal pairs from being treated as outstanding reconciliation items.

How Reversals Behave

Scenario	Behaviour
Cashbook transaction reversed	Original transaction and reversal are automatically matched.
Cashbook transaction already matched or reconciled	If the original transaction has already been matched or reconciled, Efimis does not force the reversal into that existing match. The reversal remains available for the user to reconcile in the normal way.
Future-dated reversal	If the reversal is dated after the current statement date, it may appear as a Future Match until it falls within the reconciliation period.
Original transaction before reversal date	Original transaction remains visible in Unmatched, but is shown as part of a future match.
Reversal pair manually unmatched	Both transactions become standard unmatched cashbook entries.
Reconciliation undone	The original automatic reversal match is restored.
Reversed transaction	A Reversed indicator is displayed to identify reversal entries.

Automatically matched reversal pairs do not appear as outstanding unmatched reconciliation items once both transactions fall within the reconciliation period.

Undoing or Reprinting a Reconciliation

Previous reconciliations remain available for review.

Action	Result
Undo Reconciliation	Reopens the reconciliation and restores outstanding items.
Print	Reprints the reconciliation report.

To access reconciliation history:

Open Reconciliation.
Select View Reconciliation History from the reconciliation settings/action area.
Select Undo or Print as required.

Key Behaviour

Scenario	Behaviour
Office and Client/Trust accounts	Use the same reconciliation process.
Manual statement entry	Available.
Open Banking	Available only where Open Banking is enabled for the account.
Bank file import	Available only where the user has permission and import is enabled for the account.
Suggested matches	Generated automatically where possible.
Manual unmatch	Removes the existing transaction match.
Cashbook reversal created	Automatically matched to the original only where the original is still unmatched and unreconciled.
Future dated reversal	May appear under Future Matches until it falls within the reconciliation period.
Reconciliation completed	Generates a reconciliation report.
Reconciliation undone	Restores the previous reconciliation state, including reversal matching.
Matched transaction removed	Use Unmatch to remove the match.

Best Practices

Reconcile bank accounts regularly.
Review all suggested matches before selecting Match.
Investigate any unexplained Variance before completing the reconciliation.
Import statement files in the recommended format where possible.
Investigate unmatched transactions before completing the reconciliation.
Allow automatically matched reversal pairs to remain matched unless there is a genuine reconciliation issue.
Record reconciliation comments where follow-up is required.
Review the reconciliation report after each completed reconciliation.