Why Your Book and Bank Balances Don't Match and How to Fix It

The book balance refers to the balance recorded in your financial records, which includes entries linked to sales, expenses, assets, or journal transactions. This balance is maintained within your accounting system, reflecting all activities. On the other hand, the bank balance is the most recent balance shown on your uploaded bank statements.

After completing the reconciliation process, you may notice that these two balances don't match. This discrepancy can arise due to several factors such as unrecorded transactions, or errors in categorization. It's essential to carefully review both sets of records to identify the cause and correct any inconsistencies.

Possible Causes of Discrepancies:

• Missing Records: Some transactions may be absent from your book (GL) records.
• Unuploaded Statements: Some bank statements might not have been uploaded yet.
• Duplicate or Incorrect Entries: There might be duplicate or incorrectly entered records in your books .

Solution:

• Review Bank Statements: Go to the Bank Statements module and use filters to check for any missing statements or entries.
• Check for Duplicate Entries: Look for duplicate records in your sales, journal, or expense entries, as well as in your uploaded bank statements.
• Reconciliation Completion: Ensure that both the book and bank balances are equal to zero to successfully complete the reconciliation process.

Still Experiencing Issues?

If you’ve followed all the steps above and are still encountering issues, please reach out to Tyms Support. Be sure to include the following information for faster assistance:

• A screenshot of the issue (if possible)
• A copy of the bank statement you’re trying to upload (if applicable)
• A description of what you’ve tried so far

We’re here to help you reconcile with ease.