Add to Favourites

Keep Your Books in Sync with Bank | Bank Reconciliation in TallyPrime

Bank reconciliation in TallyPrime ensures that your books match the actual transactions recorded by the bank. It helps you detect discrepancies between the company’s records and the bank statement, such as missed entries, duplicate transactions, or bank charges. Reconciled books are cleaner and more transparent, making audits smoother.

With TallyPrime, managing bank reconciliation becomes seamless and efficient. You can import bank statements in Excel or CSV format from over 145 banks, allowing automatic linking and reconciliation of transactions with your books. The automatic reconciliation reduces manual work and errors.

You can record your payments and receipts based on transactions in your bank statement.

• You can simply import your bank statements in TallyPrime.
• Thereafter, you can auto-create vouchers using bank statements, instead of recording them manually.

What’s more, TallyPrime offers a wide range of reports:

• Banking Activities gives you a brief overview with the counts of transactions Available in Books and Available in Bank.
• Bank Reconciliation Summary contains the counts of transactions in all sections along with the Expected Bank Balance.
• Bank Reconciliation report has all the facility to reconcile your transactions. You can refer to unreconciled and reconciled transactions and take actions, as needed.

Start Bank Reconciliation and Add Transactions Prior to That

You can start reconciling your transactions from any date. You just need to specify the Reconciliation Beginning Date in the bank ledger.

With the Opening BRS report, you can add transactions recorded before the Reconciliation Beginning Date that are still unreconciled.

Import Bank Statements to TallyPrime

You can import bank entries and use them to auto-reconcile book transactions with bank entries or auto-create vouchers using the imported bank entries.

Automatic Bank Reconciliation Transactions

If you create vouchers manually in TallyPrime, then just import your Bank Statements and start matching book transactions with bank entries using a variety of flexibilities provided for Bank Reconciliation.

Prerequisites for Using Automatic Bank Reconciliation

To start reconciling your transactions in TallyPrime, you need:

• TallyPrime Release 6.0 or later releases.
• Bank Statements in Excel, CSV and MT940 format that you can import.
  You can import Bank Statements for more than 200 banks.

Automatic Bank Reconciliation Flexibilities

With the imported Bank Statement or imported bank transactions, you can:

• View matches between book transactions and bank entries.
• Reconcile transactions with:
  • Exact Matches
  • Potential Match
• Reconcile transactions by finding a match
• Reconcile transactions with Partial Match
• Reconcile by altering the transaction
• Set status
• If a transaction is incorrectly reconciled, then you can:
  • Modify Match
  • Unlink transactions

Automatic bank reconciliation in TallyPrime reduces manual errors with a statement-based approach. Hence, you are always audit-ready.

Reconcile Transactions Manually

TallyPrime gives you the flexibility to reconcile your transactions manually, if you follow that method in your business.

You can enter Bank Date against each transaction and reconcile them manually.

Questions & Answers

1. Is Bank Reconciliation necessary for compliance?
   Bank Reconciliation is not a compliance activity per se. However, it is necessary for a smooth and error-free audit of your company books.
   Bank reconciliation in TallyPrime ensures that your books match the actual transactions recorded by the bank.
   
   
2. How can I auto-reconciliation my bank transactions?
   To start using auto-reconciliation, your bank must be supported for bank statement import in TallyPrime.
   If supported, then you can easily import the bank statement.
   If your bank is supported for Connected Banking in TallyPrime, then you can enable Connected Banking and get bank statements right into TallyPrime.
   Once you have the bank statement data in TallyPrime, you can auto-reconcile your bank transactions.
   
   
3. I am unable to import my bank statements? How do I proceed?
   To import bank statements, your bank must be supported for bank statement import in TallyPrime.
   If your bank is not supported and you want to import, then you can let us know by contacting Tally Support.