Skip to content

Bank Reconciliation

The VMX Ledger lets you reconcile your bank and credit card accounts against the monthly statement from your bank — the same match-and-check process you may know from other accounting software. You mark each transaction that appears on the statement as Cleared, confirm the math ties out to the penny, and save the reconciliation. Saved reconciliations mark the matched transactions as Reconciled and keep a permanent record of who reconciled and when.

Availability

The Ledger (including bank reconciliation) is enabled per-client by VMX — most stores use QuickBooks instead and will not see a Ledger tab in Admin. If you'd like to discuss using the VMX Ledger, contact help@vmxllc.com.

Within a store that has the Ledger enabled, each user also needs the GL admin permission (managed on the Admin → Permissions page) to see the Ledger tab. Some users may additionally be set up as view-only for the Ledger — they can open accounts and past reconciliations, but won't see the Reconcile or New Reconciliation buttons.

Open an account to reconcile

Reconciliation is available for Bank Account and Credit Card type accounts only.

  1. In Admin, click Ledger.
  2. Open the slide-out menu on the left (click the arrow handle on the left edge) and choose Chart of Accounts.
  3. Click the bank or credit card account you want to reconcile.
  4. At the top of the account register, click Reconcile. (You'll also see View Reconciliations for past reconciliations of this account.)

The Reconcile and View Reconciliations buttons only appear on Bank Account and Credit Card accounts — other account types can't be reconciled.

Mark transactions as Cleared

On the Reconcile page (and on the account register for bank and credit card accounts), each transaction line has a Status column showing Pending, Cleared, or Reconciled.

  1. Compare each line against your bank statement.
  2. For every transaction that appears on the statement, click its status in the Status column.
  3. In the Select Status dialog, choose Cleared and confirm. (The dialog also offers Pending and Reconciled — if you clear a line by mistake, set it back to Pending.)

Transactions start out as Pending. Cleared means "I found this on the bank statement." Reconciled is set automatically when you complete a reconciliation — you normally never pick it by hand.

Reconcile against a bank statement

  1. Open the account and click Reconcile (see "Open an account to reconcile" above).
  2. Enter the statement period in the two date fields at the top (they default to the first day of the current month through today), and enter the ending balance from your bank statement in the Statement Balance field.
  3. Click View. The page lists every transaction dated in the period, plus any older transactions that have not yet been reconciled (outstanding checks and deposits from prior months).
  4. Work through your bank statement, marking each matching transaction Cleared via the Status column.
  5. Watch the summary table at the top of the page. When everything on the statement is marked Cleared, the Difference row should show 0.00 with a check mark.
  6. Click Reconcile. The button stays grayed out until the difference is zero — if you can't click it, something still doesn't match (see below).
  7. Confirm the Reconcile? prompt.

VMX saves the reconciliation, marks every Cleared line as Reconciled, and takes you to the saved reconciliation report.

Understanding the reconciliation summary

When you enter a Statement Balance on the Reconcile page, a summary table appears above the transaction list:

  • G/L Starting Balance — the account's ledger balance as of the day before the period starts.
  • Cleared debit/credit rows — totals of everything you've marked Cleared, with separate Cleared Prior rows showing the portion dated before the period.
  • Pending Prior rows — transactions from before the period that are still not cleared (outstanding items carried in from prior months).
  • Ending Bank Balance — what the bank statement's ending balance should be, computed from the starting balance and the Cleared, Cleared Prior, and Pending Prior rows above it.
  • Statement Balance — the number you typed in from the bank statement.
  • Difference — Statement Balance minus Ending Bank Balance. This must reach 0.00 before the Reconcile button becomes clickable.
  • Pending rows at the bottom — totals of transactions not yet cleared, for reference.

If the Difference won't go to zero, the usual causes are: a transaction on the statement that hasn't been entered in the Ledger yet (bank fees and interest are common), a transaction cleared by mistake, a typo in the Statement Balance, or an amount entered differently in VMX than the bank processed it.

View past reconciliations

  1. In Admin, click Ledger, open the slide-out menu, and choose Chart of Accounts.
  2. Open the bank or credit card account and click View Reconciliations.

The list shows each past reconciliation with Date Reconciled, Period, Statement Balance, Reconciled By, and a View button. From here you can also click New Reconciliation to start a new one, or Back to Account to return to the register.

Clicking View opens the saved reconciliation report: a banner showing when it was reconciled and by whom, the statement balance and cleared totals, and a snapshot of every transaction line exactly as it stood at the time of the reconciliation. Use View Current Reconciliation on that page to re-open the same period against today's live data.