Bank Reconciliation Made Easy: No Reference ID? No Problem!

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00:00 Introduce the challenge: bank reconciliation without reference column
00:43 Make the plan - create a new column by combining the Month and Amount
01:07 Start to work on the plan
02:14 Click Report button to generate Bank Reconciliation report automatically

Demo Files:
https://power-reconcile.tech/resource...
https://power-reconcile.tech/resource...

Content:

Step 1: Open Excel and place each dataset into separate sheets.

Step 2: Convert these datasets into Excel tables for easier manipulation. Add a new column in each table named "Month_Money." This column will combine the month and the exact amount, creating a unique reference point for each entry. Let's apply the corresponding Excel formula to it.


Step 3: Launch the Power Reconcile Add-In within Excel. Configure it properly. Select the newly created "Month_Money" and "Amount" columns as your reference and amount columns, respectively.

Step 4: Navigate to "Advanced options" in the tool. Here, check the "Reverse Sign" option due to the first dataset having amounts in reverse sign. Optionally, include additional columns to be in the report.

Step 5: Hit the "Report" button and allow a few minutes for the report to generate automatically.


Once the reconciliation report is ready, use the slicer tool to filter and view different matching statuses. This enables you to see how well the transactions align across the datasets. For any unmatched transactions, utilize the "Manual Reconcile" feature to manually align them, improving the overall match rate.


And there you have it—a straightforward method to handle bank reconciliations without reference ID! By using monthly buckets and leveraging Power Reconcile add-in for Microsoft Excel, you can streamline your financial reconciliation tasks effectively.

Thank you for watching! If you found this tutorial helpful, don’t forget to like, subscribe, and share this video with others who might benefit from these techniques. Happy reconciling!