Money

How Gigoo handles bank statements and reconciliation

Bring in your bank's statement file, match each line with the payment, receipt, cheque or transfer it belongs to, and keep your books in step with the bank.

Go to Finance › Transactions › Bank & Cash › Bank Reconciliation.

Then Transactions.

Then Bank & Cash.

Then Bank Reconciliation.

Choose the bank at the top and click To Reconcile.

Click a bank line on the left. Its amount, label and To reconcile: amount show on the right.

Check or choose the Partner (the customer or vendor).

On the Match journal items tab, find the matching item (search by reference, name or amount) and click it. It moves up into the table.

To reconcile: now shows 0.00.

Click Validate. Go on with the next line.

For a bank fee or charge with no document, click its line.

Open the Counterpart tab.

Choose the Account, e.g. Other Bank Charges. Check the Label and Amount.

Click Add counterpart.

When To reconcile: shows 0.00, click Validate.

Import the statement

Gigoo reads CAMT.053, MT940, OFX, QFX, QIF, CSV or Excel files.
For a CSV or Excel file, a file map tells Gigoo which column holds what. You make it once per bank layout.
With the bank's transaction ID in the map, importing the same file again leaves out the lines already there.
The statement opens with one line per transaction, waiting to be matched.

Match each line

Click a bank line, check the customer or vendor, and pick the payment, receipt, cheque or transfer it belongs to. One bank line can pay several items.
A bank fee or charge with no document goes to its account, e.g. Other Bank Charges, in the same screen.
Until its bank line is matched, a bank payment reads Awaiting bank match; once matched it reads Paid, and a deposited or presented cheque Cleared.
A match can be undone.

The Bank Reconciliation Statement

As at any date, per bank: the balance, the uncleared receipts and payments, the bank lines not yet matched, and the cash position per your books.
The Finance dashboard shows the bank lines not matched, and My work lists them.

An example

Customer transfer2,929.50 AED, matched with its receipt

Supplier payment11,025.00 AED, matched with its payment voucher

Service fee10.50 AED, to Other Bank Charges

All three lines of the statement are matched, so the books agree with the bank.

Questions

Which bank files can I import?

CAMT.053, MT940, OFX, QFX, QIF, CSV or Excel. A CSV or Excel file needs a file map, made once per bank layout.

What happens if I import the same file twice?

With the bank's transaction ID in the file map, Gigoo leaves out the lines already there.

Who reconciles the bank?

Accounts and the Owner.

Worked example: import the statement and reconcile the bank