How to Reconcile Transactions with Bank Statements
Reconcile Local Business Pro transactions with your bank statements for accurate bookkeeping and accounting.
Quick Answer: Set the date range to match your bank statement period, filter by Completed status, compare the Total Revenue to your bank deposits, and investigate any discrepancies.
Reconciliation Process
- Navigate to Payments > Transactions
- Set the date range to match your bank statement period
- Filter by Status: Completed
- Note the Total Revenue amount from the stats
- Compare to the deposits shown in your bank statement
- If amounts differ, review individual transactions
- Look for failed or pending transactions that explain the difference
Common Reconciliation Differences
- Processing fees - Bank deposits are net of fees
- Timing differences - End-of-period transactions may appear in next period
- Failed transactions - Attempted payments that didn't complete
- Refunds - Money returned to customers
Frequently Asked Questions
Q: How often should I reconcile?
A: Weekly reconciliation catches issues early. At minimum, reconcile monthly.
Q: What if I can't find a discrepancy?
A: Check for transactions that span the period boundary, then contact your payment processor for deposit details.
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Last updated: February 1, 2025