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Bank Reconciliation

Bank reconciliation means comparing your records in AllMy Ledger to your actual bank statement. It catches mistakes, missing transactions, and unauthorized charges. Do it monthly when your bank statement closes.

Importing Bank Transactions

Before reconciling, you'll want to import your bank transactions so your records are up to date.

  1. Go to Banking in the sidebar and select the account
  2. Click Import in the bank register toolbar
  3. Select your statement file (OFX, QFX, or QBO format)
  4. Review the imported transactions — AllMy Ledger detects duplicates automatically using transaction IDs
  5. Categorize new transactions and confirm

Most banks offer OFX or QFX downloads. Look for "Download Transactions" or "Export to Quicken" in your online banking portal.

CSV is not supported for bank statement imports. If your bank only offers CSV, check if they have an OFX or QFX option — most do.

Bank register in AllMy Ledger showing transactions and import button

Starting a Reconciliation

With your bank statement in hand:

  1. Go to Banking and select the account
  2. Click Reconcile in the top-right
  3. Enter the statement date and statement ending balance from your bank statement
  4. Optionally add interest earned and service charges — AllMy Ledger creates the transactions for you and assigns them to the income or expense accounts you choose
  5. Click Start Reconciling

The beginning balance is shown automatically based on your last reconciliation (or the account's opening balance for the first time).

Clearing Transactions

You'll see a list of all unreconciled transactions. For each one that appears on your bank statement, click the row or its checkbox to mark it as cleared.

The summary bar at the top updates in real time showing:

  • Beginning Balance — from your last reconciliation
  • Cleared — count and total of items you've checked off
  • Statement Balance — what you entered from your bank statement
  • Difference — must be $0.00 to finish

Use Select All or Clear All to speed things up. You can also switch between a combined view and a split view that separates deposits from payments.

Reconciliation view showing cleared transactions and running difference

Finishing

When the difference reaches $0.00, click Finish. AllMy Ledger marks all cleared transactions as reconciled — they won't appear in future reconciliation sessions.

If the difference isn't zero, review your cleared items against the bank statement. Common causes:

  • A transaction is missing from AllMy Ledger (you can add it right from the reconciliation screen)
  • An amount doesn't match the bank statement
  • A transaction was cleared that shouldn't have been (uncheck it)

Postponing

Not ready to finish? Click Postpone to save your progress. AllMy Ledger remembers which transactions you cleared and your statement details. The next time you click Reconcile on this account, it picks up where you left off.

Tips

  • Reconcile monthly. Do it when your bank statement closes. Don't let it pile up.
  • Import first, then reconcile. Get all your bank transactions into AllMy Ledger before starting.
  • Check the dates. Make sure your statement period matches what you're reconciling.
  • Use payee rules to auto-categorize imported transactions. After a few imports, most transactions will categorize themselves.
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