Overview
Beeswax uses one word for each banking job, everywhere in the app and in this help. If you have used Xero, two of them mean something different there.
Coming from Xero? Xero's Reconcile screen is what Beeswax calls Allocate. A Beeswax bank reconciliation checks your books against the bank statement.
The Three Jobs
| Job | Where | The word |
|---|---|---|
| Say what a bank line is | Money → Bank Feed | Allocate |
| Pair a statement line with a payment already in your books | Statement Processing, on a bank reconciliation | Match |
| Check your books against a bank statement | Bank Accounts → All Bank Reconciliations | Bank reconciliation, by ticking rows |
Terms
Bank reconciliation
Checking your books against one bank statement: the statement's opening balance, plus what you received, minus what you spent, should equal its closing balance, counting only the transactions you have ticked. Also the record itself: "the October reconciliation" is the one for October's statement. See Bank Reconciliation.
Allocate
Saying what a bank feed line is: an expense, a payment of an invoice or bill, a bank transfer, or a manual journal. Allocating records the line in your books. It does not reconcile anything: that is what a bank reconciliation is for. See Bank Feed Allocations.
Match
What Beeswax does when it pairs a line with a payment already in your books. On a bank reconciliation, Statement Processing matches each line of the uploaded statement PDF and ticks the matches it is sure of. In Bank Feed, a Suggested match is Beeswax's proposal; you confirm it by allocating the line.
Tick
What you do to a row on a bank reconciliation: you have found that transaction on the bank statement. Only ticked transactions count towards the Difference.
Difference
How far the ticked transactions are from the statement's closing balance. A bank reconciliation can only be Reconciled when the Difference is zero.
Statuses
On a bank reconciliation
- Reconciled (green) — the Difference is zero and every transaction dated in the period is ticked.
- Awaiting next statement (blue) — the Difference is zero, but some transactions dated in the period are still unticked, usually because they clear on the next statement.
- Unreconciled (red) — there is still a Difference. See Bank Reconciliation: when it won't balance.
On a payment
The badge on an invoice's, expense's or payment's Payments card, and on a bank transfer or manual journal:
- Reconciled — ticked on a bank reconciliation.
- From Bank Feed — allocated from a bank feed line, but not yet ticked on a bank reconciliation. It turns Reconciled once you tick it.
- Unreconciled — neither.
A Reconciled or From Bank Feed payment has its date and bank account locked, because the bank has already shown when and where the money moved.
On a bank feed line
- Review — not yet allocated. A Suggested match or categorisation may be waiting for you to confirm.
- Allocated — recorded in your books.
- Ignored — marked as not needing allocation.