Bank Reconciliation

Bank Reconciliation is a process used to confirm that all transactions recorded in Alto match your bank statement.

When you reconcile your client bank account(s), you compare the financial records held in Alto against the records provided by your bank. This helps you identify any missing, duplicated, or incorrectly recorded transactions and ensures your accounts remain accurate.

It's important that you reconcile Alto to your client bank account(s) on a regular basis. Your client balance on the Alto bank reconciliation should match that of your actual client bank balance

Reconciling a client bank account

1. Click Accounts on the main navigation bar
2. On the side menu, within the Bank Transactions section, click Bank Reconciliation

3. Click View on the relevant client account  

    Note

   The colour of the account may vary depending on how many unreconciled items there are and how long it has been since the last reconciliation

4. The Balance Date defaults to the current date. 
   In the Statement No. field, type in the bank statement number. (If you don't have a statement number, type in the date in the following format: 010623. Don't add / or . in your date format)

5. In the Statement Balance field, type in the balance on your bank statement. When you enter the Statement Balance, Alto calculates the difference between the figure that was updated on a previous Alto bank reconciliation and the figure you have entered from your current bank statement  

    Note

   You'll notice that Property details are displayed where:

   

   • a property is directly associated with the transaction
   • a tenancy is directly associated with the transaction

   Where transactions are batched:

   • Batched transactions without a property displays an empty string
   • Batched transactions with one distinct property displays property address details both at the group level and item level
   • Batched transactions with multiple distinct properties displays property address details only at the item level and "(multiple addresses)" at the group level
   • Batched transactions with a mix of empty address and only one distinct property displays property address details only at the item level and an empty string at the group level

   Searching for properties displays both batch and item transactions.

6. Working from your bank statement, if items on the Alto reconciliation match your bank statement, click the green thumb to include these relevant items into the bank reconciliation 

7. If an item is on Alto but isn't on your bank statement, click the red thumb to remove items being included in this reconciliation  

    Note

   Alto won't allow the bank reconciliation to be updated until the Difference is £0.00. If the difference doesn't go down to £0.00, either an item hasn't gone on your bank statement yet, or, an item hasn't been put onto Alto yet, but has appeared on your bank statement

8. Once the Difference is £0.00 and you're happy that all items are correct, click Update

Finding historic bank account reconciliation records

1. Click Accounts on the main navigation bar
2. On the side menu, within the Bank Transactions section, click Bank Reconciliation
3. Click View on the relevant client account
4. Click the Timeline top tab
5. Click View on the relevant Bank Reconciliation Completed to open the historic record

• Related Help Centre articles that you may find useful.

  Bank reconciliation does not reconcile

  Import receipts in Alto

  Making payments via BACS

  Reversing a supplier payment

  Transferring a deposit to a different account

  The Client Bank Balances report