My Bank Balance in ExpensePlus doesn't match my Bank Account
This help guide article covers what to do if your bank balance within ExpensePlus doesn't match your actual bank statement balance.
Top Tip: If you have connected your bank account to open banking, it's worth checking your bank balance for the previous day in ExpensePlus vs. your bank account.
Transactions are automatically imported into ExpensePlus 3 times per day (typically at around 8am, 1 pm and 11pm). Checking the previous day will rule out that transactions within your bank account are yet to appear within ExpensePlus.
Your bank account balances shown within ExpensePlus are calculated by taking the opening bank account balance that was entered when you set up ExpensePlus, along with the transactions all of the transactions that have been imported up until the date you are viewing transactions to.
So, if your current bank balance is incorrect this means either the:
- Opening Bank Balances are set up incorrectly - if this is the case, then your bank account balances within ExpensePlus will have never matched your actual bank account balances on any date you view transactions to. To view your opening bank balances, click here.
- You've incorrectly imported bank transactions - if this is the case, then you will need to check to find the date at which your bank balances within ExpensePlus stopped matching your actual bank account. For more help with this, please see this help guide article.
Top Tip: If you have connected your bank account to open banking, and there is a difference between the bank balance within ExpensePlus vs. your bank account at the end of the previous day, then chances are that either:
- This difference existed since before you connected the account to open banking (you may just not have noticed it), or
- The difference was caused by transactions being uploaded being imported via the automated feed.
You can view how bank transactions have been imported within the view statement screen by looking at the 'Import Type' column).
Note: Transactions imported via the automated feed will always match the transactions that appear within your bank account (because the feed is provided by your bank).
Furthermore, within ExpensePlus it's not possible to delete bank transactions imported via the bank feed (because these transactions actually appear within your bank statement, whether you want them to or not!) See: Why can't I delete a bank transaction?
To better understand the Bank Reconciliation module, please view the module overview video here.