Frequently Asked Questions
Get answers to common questions about ReconcileIQ and its automated bank reconciliation capabilities.
Get answers to common questions about ReconcileIQ and its automated bank reconciliation capabilities.
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:
The reconciliation process with ReconcileIQ follows these simple steps:
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.
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:
Simply create an account, log in through your web browser, and start reconciling right away.
ReconcileIQ offers several key advantages over traditional manual reconciliation methods:
Unlike built-in reconciliation tools in accounting software, ReconcileIQ works with exports from any system, offering more flexibility and powerful matching capabilities.
ReconcileIQ offers several flexible pricing plans to suit different needs:
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.
Transaction credits are our way of measuring usage in ReconcileIQ:
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.
Yes, you can change your plan at any time. Here's how plan changes work:
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.
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:
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.
ReconcileIQ offers several sophisticated matching capabilities:
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.
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:
Advanced LedgerIQ (Business and Enterprise plans) adds:
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
ReconcileIQ offers comprehensive reporting capabilities:
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.
Currently, ReconcileIQ works with exported files rather than direct API connections:
This file-based approach offers several advantages:
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.
ReconcileIQ supports these common file formats:
These formats cover exports from virtually all banking and accounting systems. Within these files, we can handle various data structures, including:
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.
The exact export process varies by bank and accounting system, but here are general instructions:
From your bank:
From your accounting software:
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.
Yes, there are some limitations to be aware of:
File Size:
Row Limitations:
If your files exceed these limits, you can:
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.
ReconcileIQ is designed to work across a wide range of browsers and devices:
Supported Browsers:
Supported Devices:
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.
We take the security of your financial data extremely seriously and have implemented multiple layers of protection:
Additionally, we implement industry-standard security practices:
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.
Yes, ReconcileIQ is fully compliant with the General Data Protection Regulation (GDPR). Our compliance measures include:
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].
No, ReconcileIQ never asks for, receives, or stores your banking or accounting system credentials. Here's why:
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.
We implement a strict data lifecycle to protect your information:
We maintain this approach because:
Important:
Always export and save any reports or results you need before ending your session, as they cannot be retrieved afterward.
Try ReconcileIQ for free and see how our automated reconciliation can save you hours of work.