Reconciling Banks and Divvy
Reconciling your Bank Accounts and your Divvy Credit Card Account are an important part of monthly activities for proper financial management.
Why do I need to Reconcile?
Reconciling properly can help you to identify errors and ensure that you are accurately accounting for your income and expenses. Reconciling also helps you to prevent fraud by verifying only authorized use of your accounts and/or identifying potential fraudulent usage.
Reconciling is also important for having a clear view of current spending.
How do I reconcile?
There are slight differences between reconciling your bank account(s) and your Divvy accounts, but the overall steps are the same.
1) Obtain a copy of your statement - This can generally be downloaded from your institution. If you are still receiving paper copies of your statements, please contact your bank to request electronic delivery.
3) Select "Reconcile" from the Left Navigation Menu: Transactions -> Reconcile
4) Enter the appropriate information in the reconciliation Window
- Select the account you are reconciling from the drop down
- Validate that the Beginning Balance matches your Statement Beginning Balance. If it does not match - Email Finance@Ayso.org for additional assistance
- Enter your Ending Balance as reflected on your Statement
- Enter the closing date of your Statement
5) Compare the transactions on your statement to those in QuickBooks and check off which have cleared the bank or posted to the credit card
- Each transaction from your statement should have a checkbox marked to indicate it cleared the bank
- If transactions are missing, you will need to add them to QuickBooks - See additional information on Adding Transactions for more information
- If a transaction in QuickBooks has NOT cleared the bank, leave the checkbox unchecked to indicate it is still pending.
6) Complete the Reconciliation - Only when you show a GREEN Check and a $0.00 Difference are you ready to complete the Reconciliation
- If you do not see a green check, DO NOT finish now and create an adjustment
- Review the starting balance and ending balance to see if the were correct
- Review each transaction to ensure only those on the statement have been marked as cleared
- Ensure all transactions and fees are properly reflected in QuickBooks
- If you still cannot reconcile or don't have a $0.00 Difference, please email Finance@Ayso.org for additional assistance
Next, you should Upload your Statements to QuickBooks for secure storage
Additional Resources
QuickBooks Video - Step by Step How to Reconcile
YouTube video playlist: AYSO Financial Management Walkthroughs
Download Bank Rec Training for Divvy BILL Spend & Expense Credit Card
