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:
Upload Files: Import your bank statement and accounting records (CSV or Excel format)
Map Columns: The system automatically identifies or allows you to specify which columns contain dates, amounts, and descriptions
Process Data: Our algorithm matches transactions between your files
Review Results: See matched items, discrepancies, and suggestions
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:
Each transaction credit corresponds to one line in your uploaded bank statement file. For example, if your bank statement has 150 lines, that would use 150 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 bank statement 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 400 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 bonus credits if you need more than your plan's monthly allocation but don't want to permanently upgrade.
Additional bonus credits work as follows:
Purchase in packs of 500 (£3), 2,000 (£8), 5,000 (£15), or 15,000 (£35) credits
Additional bonus credits are added immediately to your account
These credits never expire until used
You can purchase additional bonus credits as many times as needed
To purchase more credits, log in and go to Account Settings > Manage subscription > 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 (Essential plan and above)
Pattern-Based Matching: Recognizes recurring transaction patterns over time (Essential 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
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 (Essential 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?
ReconcileIQ offers both file-based processing and direct API integrations:
Direct API Integrations (Available Now):
QuickBooks Online - Real-time sync and one-click fix push
Xero - Direct connection with automatic reconciliation updates
Sage - Seamless integration with Sage systems
Pandle - Complete API integration for automatic processing
FreeAgent - Direct sync with your FreeAgent account
File-Based Processing:
CSV and Excel exports from any bank or accounting software
PDF Converter for 17+ UK banks (Lloyds, HSBC, NatWest, Mettle, Monzo, etc.)
Process 5,000+ transactions per second with perfect accuracy
Pro Tip
API integrations allow one-click fix push back to your accounting software, while our PDF converter handles banks that don't offer CSV exports.
Technical Questions
What file formats does ReconcileIQ support?
ReconcileIQ supports these file formats:
CSV (Comma-Separated Values)
Excel Files (XLSX, XLS)
PDF Bank Statements - converted automatically to CSV for 17+ UK banks
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 in CSV format. 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:
Log in to your online banking portal
Navigate to account statements or transaction history
Select the date range you wish to reconcile
Look for "Download," "Export," or similar options
Choose CSV or Excel format (CSV is generally preferred)
Save the file to your computer
From your accounting software:
Log in to your accounting system
Navigate to the bank account register or transaction list
Filter for the same date range as your bank statement
Look for export options (often under "Reports" or "More actions")
Choose CSV or Excel format
Save the file to your computer
Pro Tip
Can't export CSV? Our PDF converter works with 17+ UK banks including Lloyds, HSBC, NatWest, Mettle, and Monzo. Just upload your PDF statement and we'll convert it automatically.
Which UK banks support PDF conversion?
Our PDF converter automatically extracts transaction data from PDF statements for these 17+ UK banks:
Lloyds Bank
HSBC
NatWest
Royal Bank of Scotland
Barclays
Santander
Halifax
TSB
Metro Bank
Mettle (NatWest)
Monzo
Starling Bank
Revolut Business
Tide
Anna Money
Coconut
Virgin Money
...and more
How it works
Simply upload your PDF bank statement and our intelligent converter will extract all transaction data, dates, amounts, and descriptions into a clean CSV format ready for reconciliation.
How fast does ReconcileIQ process transactions?
ReconcileIQ processes 5,000+ transactions per second with perfect accuracy. This means:
Files with 10,000 transactions process in under 2 seconds
Large datasets with 100,000+ transactions complete in under 20 seconds
Real-time results with instant discrepancy identification
No degradation in accuracy regardless of file size
Our high-performance processing engine handles:
Complex transaction matching algorithms
Pattern recognition and duplicate detection
Multi-currency reconciliation
Advanced date and amount matching with tolerance settings
Performance Guarantee
Built by UK qualified accountant Jack Whitehead, our system has been tested on millions of real transactions with 99.9% accuracy maintained at maximum processing speeds.
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 500 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 bank statement consumes one transaction credit from your plan's allocation. For example, a file with 500 rows would use 499 credits assuming the first row are the column headers.
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:
Upload: Your files are securely transmitted to our servers with encryption
Processing: Our algorithms analyze and match your transactions
Display: Results are shown in your browser during your session
Automatic Deletion: All uploaded files are permanently deleted within 5 minutes of processing
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.
Need More Help?
User Guides
Detailed guides and step-by-step instructions for using ReconcileIQ.
ReconcileIQ