Frequently Asked Questions

Get answers to common questions about ReconcileIQ and its automated bank reconciliation capabilities.

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General Questions

What is ReconcileIQ?

ReconcileIQ is an automated bank reconciliation platform that helps businesses and accounting professionals match transactions between bank statements and accounting records quickly and accurately.

Our platform uses advanced matching algorithms to identify corresponding transactions, even when dates, descriptions, or formats differ. This saves hours of manual reconciliation work and reduces the risk of errors.

Key benefits include:

  • Rapid matching of thousands of transactions in seconds
  • Intelligent handling of complex scenarios (batch transactions, timing differences)
  • Clear identification of discrepancies and exceptions
  • Financial analytics through LedgerIQ (on higher-tier plans)
  • No software installation required - works entirely in your browser
How does the reconciliation process work?

The reconciliation process with ReconcileIQ follows these simple steps:

  1. Upload Files: Import your bank statement and accounting records (CSV or Excel format)
  2. Map Columns: The system automatically identifies or allows you to specify which columns contain dates, amounts, and descriptions
  3. Process Data: Our algorithm matches transactions between your files
  4. Review Results: See matched items, discrepancies, and suggestions
  5. Export Findings: Download reports of unmatched items to address in your accounting system

The entire process typically takes only a few minutes, compared to hours of manual reconciliation.

Note:

For a more detailed walkthrough of the process, check our User Guides.

Do I need to install any software to use ReconcileIQ?

No, ReconcileIQ is a cloud-based platform that runs entirely in your web browser. There's no software to download, install, or maintain.

This offers several advantages:

  • Access from any device with an internet connection
  • No compatibility issues with different operating systems
  • Always use the latest version with automatic updates
  • No local storage of sensitive financial data

Simply create an account, log in through your web browser, and start reconciling right away.

How does ReconcileIQ differ from traditional reconciliation methods?

ReconcileIQ offers several key advantages over traditional manual reconciliation methods:

  • Speed: Reconcile thousands of transactions in seconds rather than hours or days
  • Accuracy: Eliminate human error in transaction matching
  • Intelligence: Match transactions even with different dates, descriptions, or when grouped as batches
  • Pattern Recognition: Identify recurring issues in your reconciliation process
  • Visibility: Clear visualization of matched vs. unmatched items
  • Efficiency: Focus only on exceptions rather than reviewing every transaction

Unlike built-in reconciliation tools in accounting software, ReconcileIQ works with exports from any system, offering more flexibility and powerful matching capabilities.

Account & Billing Questions

What pricing plans does ReconcileIQ offer?

ReconcileIQ offers several flexible pricing plans to suit different needs:

  • Free Plan: 200 transaction credits/month, basic features
  • Essential Plan: 1,000 transaction credits/month, includes fuzzy matching
  • Pro Plan: 2,500 transaction credits/month, adds batch matching, pattern analysis, and basic LedgerIQ
  • Business Plan: 20,000 transaction credits/month, includes advanced LedgerIQ analytics
  • Enterprise Plan: 150,000 transaction credits/month, all features plus premium client subscriptions

Each transaction credit corresponds to one line in your uploaded files. For example, if your bank statement has 150 lines and your accounting export has 150 lines, that would use 300 credits.

Visit our Pricing page for current rates and to compare features across plans.

How do transaction credits work?

Transaction credits are our way of measuring usage in ReconcileIQ:

  • Each line in your uploaded files counts as one transaction credit
  • Credits are consumed when you process reconciliations
  • Your plan provides a monthly allocation of credits
  • Credits reset at the beginning of each billing cycle
  • Unused credits do not roll over to the next month

For example, if you upload a bank statement with 400 transactions and accounting records with 420 transactions, that would consume 820 credits.

Tip:

You can see your current credit usage and remaining balance in the dashboard when logged in.

Can I upgrade or downgrade my plan?

Yes, you can change your plan at any time. Here's how plan changes work:

  • Upgrading: Takes effect immediately, with pro-rated billing for the remainder of your current billing cycle
  • Downgrading: Takes effect at the end of your current billing cycle
  • Changing Plans: Log in and go to Account Settings > Subscription to make changes

If you upgrade mid-cycle, you'll immediately gain access to additional transaction credits and any new features included in the higher-tier plan.

Important:

When downgrading, ensure your typical usage fits within the lower plan's credit allocation to avoid running out of credits.

Can I purchase additional credits without upgrading my plan?

Yes, you can purchase additional transaction credits if you need more than your plan's monthly allocation but don't want to permanently upgrade.

Additional credits work as follows:

  • Purchase in blocks of 500, 1,000, or 5,000 credits
  • Additional credits are added immediately to your account
  • These credits expire at the end of your current billing cycle
  • You can purchase additional credits as many times as needed

To purchase more credits, log in and go to Account Settings > Transaction Credits > Buy More Credits.

Note:

If you regularly need more credits than your plan includes, upgrading to a higher-tier plan is usually more cost-effective.

Features Questions

What types of matching does ReconcileIQ perform?

ReconcileIQ offers several sophisticated matching capabilities:

  • Exact Matching: Matches transactions with identical amounts and similar dates (all plans)
  • Fuzzy Matching: Intelligently matches transactions despite description variations or date differences (Essential plan and above)
  • Batch Matching: Identifies when multiple transactions on one side match a single transaction on the other (Pro plan and above)
  • Pattern-Based Matching: Recognizes recurring transaction patterns over time (Pro plan and above)

Our matching algorithms consider multiple factors including amount, date proximity, description similarity, and transaction context to make accurate matches even in complex scenarios.

Example:

Our system can match a bank entry labeled "PYMT*AMAZON" with an accounting entry called "Amazon.com Order" if the amounts match and dates are within a reasonable range.

What is LedgerIQ and how does it work?

LedgerIQ is our advanced financial analytics module that transforms your transaction data into actionable business insights. It's available in two tiers:

Basic LedgerIQ (Pro plan and above) includes:

  • Financial overview with key metrics (revenue, expenses, net income)
  • Financial ratios (profit margin, current ratio, etc.)
  • Performance metrics (ROA, ROE, debt-to-equity)
  • DuPont Analysis (breakdown of ROE components)
  • Expense category breakdown

Advanced LedgerIQ (Business and Enterprise plans) adds:

  • Revenue forecasting
  • Expense anomaly detection
  • Margin seasonality analysis
  • Break-even analysis
  • Expense-to-revenue correlation

To use LedgerIQ, simply upload your general ledger data (typically exported from your accounting software), map the columns, and let the system generate your financial analysis

What reports can I generate with ReconcileIQ?

ReconcileIQ offers comprehensive reporting capabilities:

  • Reconciliation Summary: Overview of matched and unmatched transactions
  • Missing Transactions Report: Items in your bank statement not found in your accounting records
  • Extra Transactions Report: Items in your accounting records not found in your bank statement
  • Pattern Analysis Report: Insights into recurring reconciliation issues (Pro plan and above)
  • Financial Analytics: Through LedgerIQ module (Pro plan and above)

All reports can be exported in PDF or CSV format. You can choose to export the current view (what you're seeing on screen) or complete data sets.

Tip:

CSV exports are particularly useful when you need to add missing transactions to your accounting system, as they can often be imported directly.

Does ReconcileIQ integrate directly with my accounting software or bank?

Currently, ReconcileIQ works with exported files rather than direct API connections:

  • You export files from your banking portal and accounting software (CSV or Excel format)
  • Upload these files to ReconcileIQ
  • After reconciliation, you can export reports to help update your accounting records

This file-based approach offers several advantages:

  • Works with any bank or accounting software that allows exports
  • No need for complex permission setups or API keys
  • Enhanced security as we don't need permanent access to your accounts

Coming Soon:

We're developing direct API connections to major banking and accounting platforms to streamline your workflow further. These will be optional additions to our current file-based approach.

Technical Questions

What file formats does ReconcileIQ support?

ReconcileIQ supports these common file formats:

  • CSV (Comma-Separated Values)
  • Excel Files (XLSX, XLS)

These formats cover exports from virtually all banking and accounting systems. Within these files, we can handle various data structures, including:

  • Different date formats (DD/MM/YYYY, MM/DD/YYYY, YYYY-MM-DD, etc.)
  • Single amount columns or separate debit/credit columns
  • Various decimal and thousand separators (. or ,)
  • Different column naming conventions

Important:

For best results, export raw transaction data without subtotals, headings, or formatting. Files should have clear column headers and be under 50MB in size.

How do I export the necessary files from my bank and accounting software?

The exact export process varies by bank and accounting system, but here are general instructions:

From your bank:

  1. Log in to your online banking portal
  2. Navigate to account statements or transaction history
  3. Select the date range you wish to reconcile
  4. Look for "Download," "Export," or similar options
  5. Choose CSV or Excel format (CSV is generally preferred)
  6. Save the file to your computer

From your accounting software:

  1. Log in to your accounting system
  2. Navigate to the bank account register or transaction list
  3. Filter for the same date range as your bank statement
  4. Look for export options (often under "Reports" or "More actions")
  5. Choose CSV or Excel format
  6. Save the file to your computer

Tip:

For specific export instructions for popular banks and accounting systems, click the "Instructions" button on our upload page and select your institution from the dropdown.

Are there any file size or row limitations?

Yes, there are some limitations to be aware of:

File Size:

  • Maximum file size: 50MB per file
  • This is a technical limitation for browser-based uploads

Row Limitations:

  • Free Plan: Up to 200 rows per file
  • Essential Plan: Up to 1,000 rows per file
  • Pro Plan: Up to 2,500 rows per file
  • Business Plan: Up to 20,000 rows per file
  • Enterprise Plan: Up to 150,000 rows per file

If your files exceed these limits, you can:

  • Split your reconciliation into smaller time periods
  • Upgrade to a plan with higher row limits
  • Contact support for assistance with unusually large files

Important:

Each row in your files consumes one transaction credit from your plan's allocation. For example, a file with 500 rows would use 500 credits.

What browsers and devices are supported?

ReconcileIQ is designed to work across a wide range of browsers and devices:

Supported Browsers:

  • Chrome (recommended for best performance)
  • Firefox
  • Safari
  • Edge
  • Opera

Supported Devices:

  • Desktop computers (Windows, Mac, Linux)
  • Laptops
  • Tablets (iPad, Android)

While our interface is responsive and will work on mobile phones, we recommend using tablets or larger devices for the best experience, especially when reviewing detailed transaction data.

For Best Results:

Use an up-to-date version of Chrome or Firefox on a desktop or laptop computer with a screen resolution of at least 1366 x 768.

Security Questions

How secure is my financial data with ReconcileIQ?

We take the security of your financial data extremely seriously and have implemented multiple layers of protection:

  • Temporary Processing: Files are automatically deleted within 5 minutes of processing
  • Encryption: All data is encrypted in transit (TLS/SSL) and at rest (AES-256)
  • No Permanent Storage: We don't permanently store your transaction data
  • Session-Based Access: Results are available only during your current session

Additionally, we implement industry-standard security practices:

  • Regular security audits and penetration testing
  • Role-based access control for our staff
  • Secure cloud infrastructure with redundant systems
  • Compliance with data protection regulations

Important:

We process your data but never store it permanently. Once your session ends, the data is gone from our systems. You should always save any exports you need before closing your browser.

Is ReconcileIQ GDPR compliant?

Yes, ReconcileIQ is fully compliant with the General Data Protection Regulation (GDPR). Our compliance measures include:

  • Temporary processing of data (files deleted within 5 minutes)
  • Data minimization - we only collect what's necessary for the service
  • Transparent privacy policy clearly explaining data handling
  • Process for responding to data subject requests
  • Regular review of our data protection practices
  • EU-based data processing where required

Our privacy policy provides detailed information about how we handle personal data. We primarily process transaction data, which typically contains limited personal information, and we do not store this data beyond the processing window.

Note:

If you have specific GDPR-related questions or need to exercise your data subject rights, please contact our Data Protection Officer at [email protected].

Does ReconcileIQ store my banking or accounting credentials?

No, ReconcileIQ never asks for, receives, or stores your banking or accounting system credentials. Here's why:

  • We use a file-based approach rather than direct connections
  • You export files from your systems and upload them manually
  • We never require your login details for any financial institution
  • There's no need to store API keys or access tokens

The only credentials we store are those for your ReconcileIQ account itself (email and securely hashed password), which are protected using industry-standard security practices.

Security Note:

Never share your banking or accounting system credentials with any third-party service. ReconcileIQ representatives will never ask for these credentials.

What happens to my data after processing?

We implement a strict data lifecycle to protect your information:

  1. Upload: Your files are securely transmitted to our servers with encryption
  2. Processing: Our algorithms analyze and match your transactions
  3. Display: Results are shown in your browser during your session
  4. Automatic Deletion: All uploaded files are permanently deleted within 5 minutes of processing
  5. Session End: When you close your browser or session expires, all processed data is cleared

We maintain this approach because:

  • It enhances security by minimizing data retention
  • It complies with data protection regulations
  • It gives you full control over your financial information

Important:

Always export and save any reports or results you need before ending your session, as they cannot be retrieved afterward.

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