Bank Reconciliation in Sage Intacct is the process of matching recorded transactions with bank statements.
Why it matters
Accountants and controllers use Bank Reconciliation to ensure accuracy between internal records and external bank data, often leveraging imported files or bank feeds. A rule set is required to reconcile accounts using these methods.
When you use it
Reconciliation generates a sequence of letters (lowercase during reconciliation, uppercase after finalization) to identify matched transactions.
Document sequencing is used to create the match sequence.
Rules and rule sets define how transactions are matched or created during reconciliation based on bank data.
Accounts cannot be reconciled with an import or bank feed without a defined rule set.