The Bank Reconciliation totals row now displays the Ending Balance for Plaid-linked accounts, giving users a clearer view of the bank balance alongside the GL balances. The balance updates automatically when the reconciliation date range changes, making it easier to identify discrepancies and confirm that the bank and GL balances align. Non-Plaid accounts continue to use a manually entered ending balance.
Bank Reconciliation: Viewing and Using Ending Balance for Plaid-Linked Accounts
Objective
This SOP explains how to use the ending balance displayed in bank reconciliation for Plaid-linked accounts to compare bank and GL balances more efficiently. It helps users confirm that balances line up, identify discrepancies, and complete reconciliations with greater accuracy.
Key Steps
1. Review the ending balance displayed in the totals row 0:00
Open the bank reconciliation screen for a Plaid-linked account.
Review the bank balance information already received and calculated for the selected date range.
Locate the ending balance in the totals row.
Use this value as the bank’s ending balance for the selected period.
2. Compare the bank ending balance to the GL balance 0:12
Compare the displayed ending balance against the GL balance.
Confirm whether the bank balance and GL balance match.
Use this comparison to quickly verify that the reconciliation is on track.
If the balances do not match, note the discrepancy for further review.
3. Use the ending balance to improve reconciliation visibility 0:26
Treat the ending balance as a visibility aid during reconciliation.
Use it to make it easier to compare bank and GL balances side by side.
Check the ending balance whenever you need a quick confirmation that the reconciliation is progressing correctly.
4. Identify and resolve discrepancies efficiently 0:35
Review any differences between the bank and GL balances.
Investigate transactions or entries that may be causing the mismatch.
Continue reconciling until the balances line up.
Use the ending balance as a checkpoint to complete reconciliations more efficiently.
5. Reload transactions after changing the date range 0:44
If the reconciliation date range changes, update the date range in the bank reconciliation screen.
Reload the transactions.
Confirm that the ending balance updates to reflect the bank balance as of the new end date.
Recheck the updated balance against the GL balance.
6. Follow the manual process for non-Plaid accounts 0:50
For accounts not linked through Plaid, continue entering the ending balance manually.
Do not expect the system to display the new ending balance automatically.
Verify the manually entered balance before proceeding with reconciliation.
Cautionary Notes
Plaid-linked accounts only: The automatic ending balance display applies only to Plaid-linked accounts.
Non-Plaid accounts: Ending balances must still be entered manually.
Date range changes: Always reload transactions after changing the date range so the ending balance updates correctly.
Reconciliation accuracy: Do not assume balances match without confirming the bank balance and GL balance line up.
Tips for Efficiency
Use the displayed ending balance as a quick checkpoint before spending time on deeper investigation.
Recheck the totals row whenever you change the date range.
Compare bank and GL balances early in the process to catch discrepancies sooner.
For Plaid-linked accounts, rely on the system-calculated ending balance instead of manual entry to save time.