Beta: Managing bank reconciliations

Accounting by Guesty is a premium feature available to Pro users only. Please contact us to discuss activating it.

Use bank reconciliations to check and prove that the amounts recorded in Guesty are accurate compared to the amounts in your bank account - the cleared transactions in Guesty should match the cleared transactions in the bank account. 

Note:

Bank reconciliation is done in the currency of your Guesty account and can only use one bank account.

Create a reconciliation

Step by step:

  1. If you have not grouped transactions for the month you want to reconcile, we recommend doing that now, to make the reconciliation faster and easier. Make sure the "group date" you enter is when the funds were received in the physical account according to your bank. If you already grouped your deposits, edit the date if needed.
  2. Sign in to your Guesty account.
  3. In the top navigation bar, click the mode selector and select Accounting mode.
  4. Click Cash management (might appear under More) and select Bank reconciliation.
  5. In the top-right corner, click Start reconciling.
  6. Step 1: Fill in the information in and click Reconcile:

    1. Choose the month for the reconciliation (cannot be changed after step 1). We will fill in the initial balance for you, but we recommend making sure it matches what your bank account has on record for that month.

    2. Enter the ending balance for that month, based on your bank account.

    3. If you want to upload your bank statement for the month in question, for easy reference, click Upload file or drag the file.
  7. Step 2: Review each transaction and check if it is cleared on your bank statement:
    1. If the disbursement is correct and there is an equivalent in your bank account, check the entry to clear it.
    2. If the date of a transaction is wrong and it should not be in this month, click Edit at the right end of the row and select Change date.
    3. If the date of a transaction is right but it has not been recorded in your bank yet, click Edit at the right end of the row and select Mark as outstanding. The transaction will be available in the next month's reconciliation.
  8. Step 3: When you are done clearing transactions and the difference between the cleared transactions and the bank ending balance is zero, click Submit reconciliation. If you are not done yet, you can Save as draft and complete it later.

After you submit the reconciliation, we create a report to show the correlation between the bank balance and the cash balance in Guesty. You can find it on the bank reconciliation page, under the "Reconciliation statement" column.

The report will also show transactions that were not cleared. We recommend reviewing those transactions to make sure further action is required.

Edit a reconciliation

Step by step:

  1. Sign in to your Guesty account.
  2. In the top navigation bar, click the mode selector and select Accounting mode.
  3. Click Cash management (might appear under More) and select Bank reconciliation.
  4. Find the existing reconciliation you need to finish and click Reconcile at the right end of the row - you will only be able to edit steps 2 and 3.
  5. Step 2: Review each transaction and check if it is cleared on your bank statement:
    1. If the disbursement is correct and there is an equivalent in your bank account, check the entry to clear it.
    2. If the date of a transaction is wrong and it should not be in this month, click Edit at the right end of the row and select Change date.
    3. If the date of a transaction is right but it has not been recorded in your bank yet, click Edit at the right end of the row and select Mark as outstanding. The transaction will be available in the next month's reconciliation.
    4. Step 3: When you are done clearing transactions and the difference between the cleared transactions and the bank ending balance is zero, click Submit reconciliation. If you are still not done, you can Save as draft and complete it later.

After you submit the reconciliation, we create a report to show the correlation between the bank balance and the cash balance in Guesty. You can find it on the bank reconciliation page, under the "Reconciliation statement" column.

The report will also show transactions that were not cleared. We recommend reviewing those transactions to make sure further action is required.

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