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Comprehensive guides to help you make the most of ReconcileIQ's powerful reconciliation features.

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Getting Started with ReconcileIQ

Account Setup

1

Creating Your Account

To get started with ReconcileIQ, you'll need to create an account. Follow these steps:

  1. Visit https://bankreconciler.app/tool
  2. Click on the "Register" button in the top navigation
  3. Enter your email address and create a secure password
  4. Click "Register" to create your account
ReconcileIQ Sign Up Process
2

Choosing Your Plan

ReconcileIQ offers several plans to meet different reconciliation needs:

  • Free Plan: 200 transaction credits per month, perfect for trying out the platform
  • Essential Plan: 1,000 transaction credits per month, ideal for small businesses
  • Pro Plan: 2,500 transaction credits per month with additional features
  • Business Plan: 20,000 transaction credits per month with advanced features
  • Enterprise Plan: 150,000 transaction credits per month with all features

You can start with the Free plan and upgrade at any time as your needs grow.

Note:

Transaction credits are consumed for each line in your uploaded files and do not roll over to the next month.

3

Setting Your Default Currency

ReconcileIQ supports multiple currencies. You can set your default currency in your user settings:

  1. Click on the settings icon in the top-right corner of the dashboard
  2. In the "Default Currency" section, select your preferred currency (GBP, EUR, or USD)
  3. Click "Save" to apply your settings

This will be used as the default currency when processing your files, but you can also specify a different currency for each reconciliation if needed.

Your First Reconciliation

1

Preparing Your Files

Before starting your first reconciliation, you'll need to prepare two files:

  • Bank Statement: Export your statement from your bank's online portal as CSV or Excel (.xls/.xlsx)
  • Accounting Records: Export your transaction data from your accounting software (Xero, QuickBooks, etc.) as CSV or Excel (.xls/.xlsx)

Important:

Make sure both files cover the same date range for accurate reconciliation. Each file should have columns for date, amount, and description.

2

Uploading Your Files

Once your files are prepared, follow these steps to upload them:

  1. On the main page, locate the "Bank Statement" file upload section
  2. Click "Choose File" or drag and drop your bank statement file
  3. Repeat the process for your accounting records in the "Bookkeeping Software" section
  4. Click the "Reconcile Statements" button to proceed
Uploading Files to ReconcileIQ
3

Mapping Your Fields

After uploading your files, you'll be taken to the field mapping screen:

  1. The system will attempt to automatically identify date, amount, and description columns
  2. If the automatic mapping is incorrect, you can click and drag the blue column headers to adjust them
  3. Make sure to map both your bank and bookkeeping files correctly
  4. When satisfied with the mapping, click "These columns are correct" to proceed

Pro Tip:

Proper column mapping is crucial for accurate reconciliation. Take the time to verify that date, amount, and description fields are correctly identified in both files.

Field Mapping in ReconcileIQ
4

Processing and Viewing Results

Once your fields are mapped, the system will process your files and show the reconciliation results:

  1. The system will automatically match transactions between your files
  2. You'll see a progress bar during processing
  3. Once complete, you'll be taken to the results screen showing any discrepancies
  4. The results are organized into tabs showing transactions missing from your books, extra transactions, and analytics
ReconcileIQ Results Screen

Understanding the Interface

1

Main Dashboard

The ReconcileIQ dashboard is designed for simplicity and efficiency:

  • Top Navigation: Access login/logout, purchase credits, upgrade plan, and get help
  • Sidebar: Quick access to instructions, legal information, reviews, and support
  • File Upload Area: Where you'll upload your bank statement and accounting files
  • Credits Display: Shows your current credit usage and available credits (for logged-in users)
ReconcileIQ Dashboard
2

Results Interface

The results interface is organized into tabs for easy navigation:

  • Missing Transactions: Items in your bank statement not found in your accounting records
  • Extra Transactions: Items in your accounting records not matched to bank entries
  • Overview & Insights: Summary statistics and visual representations of your reconciliation
  • Pattern Analysis: Identifies recurring patterns in unmatched transactions

Each section is designed to help you quickly identify and resolve discrepancies in your reconciliation.

3

Key Functions

Familiarize yourself with these key functions in the interface:

  • Search Box: Quickly filter transactions by keyword, amount, or date
  • Export Buttons: Export your results to PDF or CSV format
  • Transaction Details: Click on any transaction to see full details
  • Tab Navigation: Switch between different views of your reconciliation data

Tip:

Use the search function to quickly locate specific transactions when working with large datasets.

File Management

Supported File Formats

File Types

ReconcileIQ supports these file formats for both bank statements and accounting records:

  • CSV (Comma-Separated Values) - The most common format for exporting transaction data
  • Excel Files (XLSX, XLS) - Microsoft Excel spreadsheet formats

Note:

For best results, use CSV or Excel formats exported directly from your bank or accounting software.

Required Columns

For successful reconciliation, your files should include these key columns:

  • Date: Transaction date (various date formats supported)
  • Amount: Transaction amount (can be single column or split into debit/credit)
  • Description: Transaction description or reference information

ReconcileIQ will attempt to identify these columns automatically, and you can adjust the mapping if needed.

File Size and Row Limitations

Be aware of these limitations when uploading files:

  • Maximum File Size: 50MB per file
  • 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

Important:

If your file exceeds your plan's row limit, you'll need to upgrade your plan or split your reconciliation into smaller periods.

Importing Files

1

Exporting from Your Bank

Most banks allow statement exports in CSV or Excel format:

  1. Log in to your online banking
  2. Navigate to statements or transaction history
  3. Select the date range you want to reconcile
  4. Look for an "Export" or "Download" option
  5. Choose CSV or Excel format
  6. Save the file to your computer

Tip:

For specific instructions on exporting from your bank, click the "Instructions" button on the ReconcileIQ upload page and select your bank from the dropdown.

2

Exporting from Your Accounting Software

Follow these general steps to export from your accounting system:

  1. Log in to your accounting software
  2. Navigate to the bank account section or reports
  3. Select the same date range as your bank statement
  4. Look for an "Export" or "Download" option
  5. Choose CSV or Excel format
  6. Save the file to your computer

Tip:

For specific instructions on exporting from your accounting software, click the "Instructions" button on the ReconcileIQ upload page and select your software from the dropdown.

3

Uploading to ReconcileIQ

Once you have both files, upload them to ReconcileIQ:

  1. On the main page, locate the "Bank Statement" file upload section
  2. Click "Choose File" or drag and drop your bank statement file
  3. Repeat the process for your accounting records in the "Bookkeeping Software" section
  4. Click the "Reconcile Statements" button to proceed

Important:

Make sure you upload the correct file to each section. Mixing up bank and accounting files will lead to incorrect reconciliation results.

Field Mapping

1

Understanding the Mapping Modal

After uploading your files, the mapping modal will appear:

  • The top section shows your bank statement columns
  • The bottom section shows your accounting records columns
  • Blue overlays indicate the system's automatic mapping of columns
  • The toggle buttons at the top of each section let you select what type of column to map
ReconcileIQ Mapping Modal
2

Adjusting Column Mappings

If the automatic mapping isn't correct, you can adjust it:

  1. Click and drag the blue column overlays to move them
  2. Use the toggle buttons to select the type of column you want to map (Date, Description, Amount, etc.)
  3. For amount fields, you can map either a single amount column or separate debit/credit columns
  4. Review the sample data shown to ensure the mapping is correct

Pro Tip:

The mapping interface is fully interactive. You can drag column mappings from anywhere on the screen, including from above the header section.

3

Setting Currency

In the mapping modal, you can also specify the currency for your files:

  1. Locate the "Currency of Files" dropdown at the top of the mapping modal
  2. Select the appropriate currency (GBP, EUR, or USD)
  3. This ensures amounts are interpreted correctly during reconciliation

Note:

Both files should use the same currency. If you need to reconcile accounts in different currencies, you may need to convert them first.

4

Confirming and Proceeding

Once you're satisfied with the mapping:

  1. Double-check that date, amount, and description fields are correctly mapped in both files
  2. Verify that the sample data shown looks correct
  3. Click the "These columns are correct" button at the bottom of the modal
  4. The system will begin processing your reconciliation

Important:

Taking the time to ensure correct mapping will lead to more accurate reconciliation results and save you time in the long run.

Reconciliation Process

Viewing Results

1

Understanding the Results Screen

After processing, you'll be taken to the results screen:

  • Summary Cards: Quick stats about your reconciliation at the top
  • Tab Navigation: Buttons to switch between different views
  • Missing Transactions Tab: Shows items in your bank statement not found in your books
  • Extra Transactions Tab: Shows items in your books not found in your bank statement
  • Overview & Insights Tab: Visual analysis of your reconciliation
  • Pattern Analysis Tab: Identifies recurring patterns in discrepancies
ReconcileIQ Results Screen
2

Missing Transactions Tab

This tab shows transactions that appear in your bank statement but not in your accounting records:

  • Each transaction shows the date, description, and amount
  • These represent items you need to add to your accounting system
  • Use the search box to filter for specific transactions
  • Click on any transaction to see its full details

Tip:

Export this list to add these transactions to your accounting system. Once added, you can re-run the reconciliation to confirm they've been addressed.

3

Extra Transactions Tab

This tab shows transactions that appear in your accounting records but not in your bank statement:

  • These may be pending transactions, errors, or future-dated entries
  • Review each item to determine the appropriate action
  • Common causes include timing differences and duplicate entries
  • Use the search functionality to find specific items

Important:

Not all extra transactions need to be removed from your books. Some may be legitimate entries that haven't cleared the bank yet.

4

Overview & Insights Tab

This tab provides visual analysis and insights about your reconciliation:

  • Charts: Visual representation of matched vs. unmatched transactions
  • Summary Statistics: Key figures about your reconciliation
  • Insights Panel: Automated observations about your data

Use this tab to get a high-level understanding of your reconciliation status.

Handling Discrepancies

1

Fuzzy Matching

ReconcileIQ provides fuzzy matching suggestions for unmatched transactions:

  • Look for transactions with a "Possible Match" indicator
  • The confidence percentage shows how likely the match is correct
  • Click to view the potential matching transaction
  • If it's a correct match, you can confirm it manually

Note:

Fuzzy matching is available on Essential plans and above. It helps identify transactions that might match despite differences in dates or descriptions.

2

Batch Matching

For Pro plans and above, batch matching helps with complex scenarios:

  • Identifies when multiple transactions on one side match a single transaction on the other
  • Common examples include split payments or batched deposits
  • Look for "Batch Match" indicators in the results
  • Click to see the related transactions that make up the match

Pro Tip:

Batch matching is particularly useful for businesses that process multiple payments as a single bank transaction or vice versa.

3

Resolving Missing Transactions

To handle transactions missing from your books:

  1. Export the list of missing transactions from ReconcileIQ
  2. Add these transactions to your accounting system
  3. Make sure to use the same date and amount shown in the bank statement
  4. Consider using the bank's description to ensure future matches
  5. Re-run the reconciliation to verify these items are now matched

Tip:

For recurring transactions that consistently appear as missing, consider setting up automated rules in your accounting software.

4

Handling Extra Transactions

For transactions in your books but not your bank statement:

  1. Review each transaction carefully - not all need to be removed
  2. Check if they are legitimate pending transactions
  3. Look for duplicates or errors that should be removed
  4. For valid pending items, keep them and reconcile again later
  5. For errors, remove or correct them in your accounting system

Important:

Always verify that a transaction is truly erroneous before removing it from your accounting system.

Pattern Analysis

1

Understanding Pattern Analysis

The Pattern Analysis tab helps identify recurring issues in your reconciliation:

  • Automatically detects patterns in unmatched transactions
  • Groups similar transactions for easier processing
  • Suggests potential causes for reconciliation issues
  • Helps develop strategies to prevent future discrepancies

Note:

Pattern Analysis is available on Pro plans and above.

ReconcileIQ Pattern Analysis
2

Common Patterns and Solutions

Here are common patterns identified and how to address them:

  • Timing Differences: Transactions consistently appearing days after posting
  • Description Variations: Same payments showing with different descriptions
  • Bank Fees: Recurring bank charges missing from accounting records
  • Combined Entries: Multiple accounting entries combined into one bank transaction

For each pattern, the system suggests potential solutions to streamline future reconciliations.

3

Implementing Process Improvements

Use pattern analysis to improve your accounting processes:

  1. Review the suggested improvements in the pattern analysis tab
  2. Create standardized procedures for transaction entry
  3. Set up recurring entries for regular payments
  4. Establish naming conventions that match bank descriptions
  5. Consider automating transaction imports where possible

Pro Tip:

Taking time to address the patterns identified can dramatically reduce manual reconciliation work in the future.

Advanced Features

LedgerIQ Basic

1

Accessing LedgerIQ

LedgerIQ is our financial analysis module, available on Pro plans and above:

  1. Click the "LedgerIQ" tab in the main navigation
  2. Upload your general ledger file (CSV, XLS, or XLSX)
  3. Map the columns as prompted
  4. Click "Generate Analysis" to process your data

Note:

Basic LedgerIQ features are available on Pro plans and above.

LedgerIQ Dashboard
2

Basic Financial Analysis

LedgerIQ Basic provides these key financial insights:

  • Income Overview: Total revenue, expenses, and net income
  • Financial Overview: Net worth, profit margin, and current ratio
  • Performance Metrics: ROA, ROE, and debt-to-equity ratio
  • DuPont Analysis: Breakdown of ROE components
  • Expense Analysis: Visual breakdown of expense categories

Each section can be expanded to view detailed information and visualizations.

3

Using Financial Insights

To make the most of LedgerIQ Basic insights:

  1. Click on each section card to expand and view details
  2. Hover over metrics for explanatory tooltips
  3. Review visualizations to identify patterns and trends
  4. Use the insights to inform financial decision-making
  5. Check these metrics regularly to track financial health

Pro Tip:

Pay particular attention to the DuPont analysis, which breaks down your return on equity into components that can reveal opportunities for improvement.

LedgerIQ Advanced

1

Advanced Financial Analysis

LedgerIQ Advanced, available on Business and Enterprise plans, provides deeper financial insights:

  • Revenue Forecast: Predictive analysis of future revenue trends
  • Expense Anomalies: Detection of unusual spending patterns
  • Margin Seasonality: Analysis of profit margin fluctuations over time
  • Break-Even Analysis: Interactive tool to determine break-even points
  • Expense Correlation: Identification of relationships between expenses and revenue

Note:

These advanced features are only available on Business and Enterprise plans.

LedgerIQ Advanced Analysis
2

Revenue Forecast

The Revenue Forecast tool provides predictive insights:

  • Analyzes historical revenue data to project future trends
  • Shows average growth rate and expected future revenue
  • Provides high and low range forecasts
  • Includes a 6-month forecast table with detailed projections

Use these projections for budgeting, planning, and setting financial goals.

3

Break-Even Analysis

The interactive Break-Even Analysis tool helps you understand your financial requirements:

  1. Adjust the variable cost percentage using the slider
  2. See how different cost structures affect your break-even point
  3. View the calculation in both tabular and chart format
  4. Use these insights for pricing strategies and financial planning

Pro Tip:

Try different variable cost percentages to see how changes in your business model might affect profitability.

LedgerIQ Break-Even Analysis
4

Expense Correlation and Anomalies

These tools help you understand spending patterns and identify issues:

  • Expense Correlation: Shows how different expense categories relate to revenue
  • Expense Anomalies: Identifies unusual spending that deviates from normal patterns
  • Use sorting and filtering options to focus on key insights
  • View visualizations to quickly spot significant correlations and outliers

These insights can help optimize spending and identify potential areas for cost reduction.

Reports & Exports

Generating Reports

1

Available Report Types

ReconcileIQ offers these reporting options:

  • Summary Report: Overview of the reconciliation with key statistics
  • Missing Transactions Report: Detailed list of transactions missing from your books
  • Extra Transactions Report: Transactions in your books not found in your bank statement
  • Pattern Analysis Report: Insights into recurring reconciliation issues

Reports can be viewed in the web interface and exported for external use.

2

Generating PDF Reports

To generate a PDF report of your reconciliation:

  1. Navigate to the tab containing the data you want to report
  2. Click the "Export Current View as PDF" button at the bottom of the page
  3. If you want to include all data, click "Export All Data as PDF" instead
  4. The system will generate and download a PDF file

Note:

PDF reports include the visualizations and data tables visible in the current view.

Exporting PDF Reports
3

Report Contents

ReconcileIQ reports include these key elements:

  • Reconciliation Summary: Key statistics about matched and unmatched items
  • Transaction Details: Date, description, and amount for each transaction
  • Visual Elements: Charts and graphs illustrating the reconciliation status
  • Timestamp: When the reconciliation was performed

These reports can be shared with team members or kept for your records.

Exporting Data

1

CSV Export Options

In addition to PDF reports, you can export data in CSV format:

  1. Navigate to the view containing the data you want to export
  2. Look for the export options at the bottom of the page
  3. Click the "Export CSV" option
  4. Choose between exporting the current view or all data
  5. The system will generate and download a CSV file

Tip:

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

2

Using Exported Data

Here are common ways to use your exported data:

  • Accounting Updates: Import missing transactions into your accounting system
  • Reporting to Management: Include reconciliation status in financial reports
  • Audit Documentation: Maintain exported files for audit purposes
  • Further Analysis: Analyze transaction patterns in Excel or other tools

Important:

Always verify that the data format meets your requirements before attempting to import it into other systems.

3

Data Retention

Understanding ReconcileIQ's data retention policies:

  • For security reasons, uploaded files are automatically deleted within 5 minutes of processing
  • Results are available only during your current session
  • It's recommended to export any important results before closing your browser
  • Save exported files securely according to your organization's data policies

Important:

Always export your results before closing your browser session, as they cannot be retrieved afterward.

Troubleshooting

Common Issues

File Upload Problems

If you're having trouble uploading files:

  • File Format: Ensure your file is in CSV, XLS, or XLSX format
  • File Size: Check that the file is under the 50MB limit
  • Row Count: Verify that the number of rows doesn't exceed your plan limit
  • Character Encoding: If using CSV, try saving with UTF-8 encoding
  • Browser Issues: Try a different browser or clear your cache

Tip:

If your file is too large, try exporting a smaller date range or splitting it into multiple files.

Mapping Difficulties

If you're experiencing issues with column mapping:

  • Column Headers: Make sure your files include column headers
  • Manual Mapping: If automatic mapping fails, try dragging the blue overlays manually
  • Non-Standard Headers: For unusual column names, manual mapping is often required
  • Split Amounts: For separate debit/credit columns, map both using the appropriate toggle buttons

Important:

Accurate column mapping is crucial for successful reconciliation. Take time to verify each mapping before proceeding.

Matching Issues

If you're getting unexpected matching results:

  • Date Format Inconsistencies: Ensure dates are correctly interpreted
  • Amount Format Differences: Check for decimal/thousand separator issues
  • Transaction Timing: Verify that both files cover the same date range
  • Description Differences: Be aware that banks and accounting systems often use different descriptions for the same transaction

Tip:

If many transactions aren't matching, consider upgrading to a plan with fuzzy matching for better results.

Error Messages

Common Error Messages

Here are explanations and solutions for common error messages:

  • Error: "File format not supported"

    Solution: Ensure your file is CSV, XLS, or XLSX format. Other formats are not supported.

  • Error: "Required columns not found"

    Solution: Your file must contain date, amount, and description columns. Check that these exist and are properly mapped.

  • Error: "File exceeds row limit"

    Solution: Your file has more rows than your current plan allows. Upgrade your plan or reduce the date range.

  • Error: "Invalid date format"

    Solution: The system cannot interpret your date format. Try standardizing dates to YYYY-MM-DD format.

  • Error: "Insufficient credits"

    Solution: You've used all available transaction credits. Purchase more credits or wait for your next monthly allocation.

Browser-Related Errors

If you encounter browser-related issues:

  • Browser Compatibility: ReconcileIQ works best with Chrome, Firefox, Safari, and Edge
  • Cache Issues: Try clearing your browser cache or opening in incognito/private mode
  • Connection Problems: Check your internet connection if uploads are failing
  • Script Errors: Ensure JavaScript is enabled in your browser

Pro Tip:

Using an up-to-date version of Chrome or Firefox typically provides the best experience with ReconcileIQ.

Contacting Support

1

When to Contact Support

Reach out to our support team if:

  • You've tried the troubleshooting steps and still have issues
  • You're receiving error messages not covered in the documentation
  • You need help with specific file formats or complex reconciliation scenarios
  • You have questions about upgrading your plan or purchasing credits
  • You'd like to suggest new features or improvements

Note:

Our support team aims to respond to all inquiries within 24 business hours.

2

How to Contact Support

There are several ways to reach our support team:

  • Email Support: Send an email to [email protected]
  • Contact Form: Use the form on our Support page
  • Support Link: Click the "Support" link in the sidebar

Important:

Never include sensitive financial data or login credentials in your support requests.

3

Information to Include

To help us resolve your issue quickly, please include:

  • Your account email address
  • Description of the issue you're experiencing
  • Steps you've already taken to try to resolve it
  • Error messages you've received (screenshots are helpful)
  • Browser and operating system you're using

The more information you provide, the faster we can help you resolve the issue.

Need More Help?

If you can't find what you're looking for in these guides, our support team is ready to assist you.

Contact Support View FAQ

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