Close the month one step at a time.
You have the statement open, your records beside it, and a gap you cannot explain. This page gives you the same six steps in the order to do them, so you can find the gap and finish. If you are already stuck, jump to the problems below that link each symptom to its usual cause.
- Six steps, in the order to do them
- What to do when the difference will not go away
- How to make next month lighter
Which mismatch is yours?
Most gaps come from one of two places.
Know what is still on its way.
Payments In shows each request until it is paid.
Log what you expect
Request a payment and pick the account it will go to.
Watch the status
Payments In moves from Requested to Paid.
Keep your tools in step
Share the details with your accounting tools.
Add a note
A memo makes the line easy to find at month end.
Keep your books in sync
Works with QuickBooks, Xero, Zoho, and other accounting tools.
Works with the tools you already use.
Connect your accounting tools and more. See all integrations
Why does the month not tie out?
These are the usual suspects, and how to deal with each.
The opening balance is wrong.
Finish last month first. Your start should equal last month’s ending balance.
A statement line has no record.
It is likely a fee or interest. Add it to your records with the right category.
A payment I recorded is not on the statement.
It is outstanding. Leave it alone and match it next month, when it posts.
I found a mistake from an earlier month.
Fix it, then redo the months after it. This keeps each opening balance in line.
I retype everything by hand.
Import the statement instead. Fewer typed lines means fewer typos.
I am not always at my desk.
Use your phone or tablet. Do it from anywhere.
The six steps, in order.
Each step makes the next one easier.
Get the statement and your records
Make sure both cover the same dates.
Start from the opening balance
It must equal last month’s ending balance.
Match each line
Mark every statement line that has a partner in your records.
Sort the leftovers, fix, and compare
Adjust your records until both end at the same number.
Easy to learn. Quick to help.
In their own words, from businesses that use ZIL MONEY.
“Working with ZIL MONEY has been such a great experience.”
We use their platform to create and send eChecks to multiple parties, and it’s been incredibly smooth and efficient. Anytime we have a question or run into an issue, their team is quick to respond and always helpful.
“ZIL MONEY has been a game-changer for our business!”
Their payment support is top-notch, quick, reliable, and always ready to assist with any questions we have.
“The most helpful part is that ZIL MONEY can be used by everyone.”
It’s very easy to navigate. The user interface is very easy to learn. It solves the problem of having various accounting software separately and unable to integrate.
Common questions
How do I reconcile a bank account?
What do I need before I start?
What is an outstanding payment?
What if I find a mistake from a past month?
Can I import my bank statement into ZIL MONEY?
What does a difference divisible by nine mean?
Do I still need to reconcile if I use accounting tools?
Does it work with QuickBooks?
Work down one list, not two.
Open an account, or book a short demo and we will show you around.
Have a question? Talk to our team
Recent Comments