If we have an integrated account with a bank or payment service and the balances do not correspond to reality, we must check the following causes of this situation:
Check the date when the transactions started to receive in the service. Look at the “Date” column in the “Transactions” and click on the “Date” with the “down arrow”.
After clicking, the arrow will show “up”, and the transactions in the column will sort from the first operation into the account.
For example, we received the first transaction on March 1, 2023. We will need to take a statement from the bank that we integrated with the account starting from this date to conduct the check. We request the bank statement in XLS format, as this format will allow us to check more conveniently and efficiently, but you can provide any available form to you.
Open the bank statement. All the necessary information is already available in the following statement:
● Date and time of the operation
● Amount of the operation
● Balance on the account after the operation At the bottom of the statement, we find our first operation for March 1, 2023.
We can split the screen into two parts if your device allows it. On one side, there will be a window with the service, and on the other, our statement. After setting up the most convenient layout of the pages, we proceed to check all the data.
The first operation for March 1, 2023, is an expense of $432,66, which is correct in both the service and the bank statement.
Now, let’s check the balance on the account after the transaction. In the service, the amount shown under the account name reflects the balance after the transaction.
Using this algorithm, we check each operation and the balance after it until we find that:
-Someone added a transaction to the account, but it is not in the statement. That is, the transaction did not go through the bank card. Transactions manually added to the integrated account directly affect its balances. The blue mark “Integration with the bank” next to the type of operation always signals in both cases.
– You add the transaction, and then you, or your employees, delete it accidentally or edit the amount. For example, we see this transaction in the statement, but it is not on the account in the service, or we see it with a completely different amount.
Go to the “Analytics”, “History” section.
Here we can set the period:
Specify the account and action type in the filter: deletion, editing:
To view the modified information, we can click on “Details”.
And you will see what changes were made to the operation.
If all operations in the account payment journal match the transactions in the statement, an incorrect starting balance in the service may be the reason.
To check this out, we switch to the account editing mode and select the account we need from the list, then click on it:
If you know that in addition to bank transactions, you add several manual operations, and then you delete some data and, from the perspective of your company, these entered and deleted transactions are correct, then:
You can always balance the remaining balance by reconnecting the bank.
To reconnect the bank, we go to the right panel of accounts and click on the “edit” icon.
Find the account we need and click on it.
Click on “Disconnect Bank”.
The service will alert you: “If you unlink your bank, all transactions previously uploaded to Finmap will remain”.
After these actions, we can reconnect the bank to the account.
Select the current connection date.
Select the required account if we have several in the bank.
Click “Connect Bank”, and that’s how you can update your account balance.