Set up regular reconciliation tracking
Choose statement timing and ownership for an account that LedgerHQ will reconcile transaction by transaction.
When To Use Regular Reconciliation
Use Regular reconciliation when the firm will compare individual posted ledger transactions with the activity on each statement. This is the default whenever you turn on Include in Recs & Statements for an account.
Open Chart of Accounts, choose the account, open Settings, and turn on Include in Recs & Statements. Then review these selections:
- How should LedgerHQ check it? — keep Regular reconciliation for transaction-by-transaction matching.
- Who provides the statement? — choose Client uploads it, Firm collects it, or Plaid supplies it according to where LedgerHQ should expect the statement to come from.
- Statement frequency — choose Monthly, Quarterly, Annually, or Custom months. Quarterly expects March, June, September, and December. Annual tracking also asks for the closing statement month. Custom tracking lets you select each expected month.
- Start month and Start year — set the first period LedgerHQ should track. This prevents an account from appearing to have missing statements before tracking was meant to begin.
- Request after — choose how many days LedgerHQ should wait after the period ends before treating a missing statement as follow-up work.
Choose Save reconciliation settings when the schedule is correct.
What The Statement Source Changes
Client uploads it identifies the client as the expected source. If the company allows Tally statement requests, LedgerHQ can open the client-request workflow when the statement is still missing after the selected wait.
Firm collects it keeps the missing statement as firm follow-up. Plaid supplies it expects the connected institution to provide the statement. Selecting a source does not verify a file or finish a reconciliation.
What Happens Next
LedgerHQ tracks each scheduled statement period. A verified statement supplies the period and ending-balance evidence, but a person still reviews the reconciliation, checks the transactions that appear on the statement, and finishes at zero difference.
For the working procedure, see Bank reconciliation. If the account only needs one annual balance comparison, see Set up a year-end true-up.