Another key to keeping your business finances in sync is verifying that all the transactions that appear on your bank statement are also available in your Tiller transactions sheet. Statements reconciling helps flag checks that haven't been cashed yet, unexpected charges, and human & machine errors and is a common business financial workflow.
How to reconcile bank statements:
- Open the Statements sheet in your Tiller Simple Business spreadsheet.
- Enter the statement end date. You can find this on your actual bank statement.
- Choose the account to which the statement corresponds from the dropdown.
- The Statements sheet will automatically generate a statement name that consists of the statement end date plus the last four digits of the account that corresponds to the statement. If you’d like to use a different statement name feel free to clear the statement name data and enter your own name. (Don't be afraid to clear out the formula!)
- Enter the Starting balance. This should also be available on your actual statement.
- Enter the amount of deposits from your bank statement.
- Enter the amount of withdrawals from your bank statement without the - sign.
- The ending balance will be calculated for you.
- Open your Transactions sheet and apply the statement name to all transactions for that account that occurred during the statement period in the Statement column. Keep in mind that Tiller may bring in transactions that will be dated outside the statement start or end date that should be included in the statement. Review your statement against the transaction description and amounts.
- Check the Statements sheet to verify that the Deposits and Withdrawals under Tiller Transactions show a green “matched” status. If they don’t you know there is an error somewhere or a transaction for the statement hasn’t been pulled into Tiller yet.