Reconcile Bank Transactions in the Bank Rec Workspace

Use the Bank Rec workspace when you need to reconcile imported bank statement lines from one screen. It gives finance users separate views for matching existing records, creating missing vouchers, using Bank Coding, reviewing matched transactions, and maintaining rules.

The workspace is best for day-to-day and month-end bank reconciliation. Use it after your bank statement lines have been imported and you are ready to match them against invoices, payments, journals, internal transfers, or simple income and expense coding.

Before you start

Make sure you have:

A company bank account with a linked ledger account.
Bank statement lines imported as Bank Transaction records.
Submitted Payment Entry, Journal Entry, Sales Invoice, Purchase Invoice, or Batch Payment Entry records for transactions that already exist in NexWave.
Both bank accounts and their linked ledger accounts ready before recording a transfer. The accounts must belong to the same company.
An Exchange Gain / Loss Account and Default Cost Center set on the Company before recording a cross-currency transfer that creates an exchange difference.
The statement period and closing balance from the bank statement.
Permission to work with bank reconciliation and accounting entries.
Any Cost Centre, Project, or Accounting Dimension values your finance reporting requires.

If statement lines are not imported yet, import them first. If the bank account itself is missing, set up the company bank account before using the workspace.

Optional: limit parties to the selected company

If your organisation uses several companies in one NexWave site, your administrator can restrict Customer, Supplier, and Employee choices to the company being reconciled. This reduces the risk of assigning a bank transaction or Bank Rule to a party owned by another company.

Ask your NexWave administrator which Company field identifies the owning company on Customer, Supplier, and Employee records. Do not enable filtering until all three mappings are ready. A field that identifies an intercompany relationship may not be the correct ownership field, even when it appears as an available choice.

Use this rollout order:

Decide which parties are company-specific and which should be shared.
Make sure Customer, Supplier, and Employee each have a suitable Link to Company field.
Fill that field on every company-specific party. Leave it blank only when the party should be shared by all companies.
Review enabled Bank Rules that contain a Party.
Search for Advance Bank Reconciliation Settings in the awesomebar.
Under Party Company Filtering, tick Filter Parties by Company.
Select Customer Company Field, Supplier Company Field, and Employee Company Field.
Save, then test one company-specific party and one shared party for each Party Type you use.

Party Company Filtering settings with the three required Company mappings

The mappings are global for the site. All three are required when filtering is enabled. A blank value on an individual party means the party is shared, but a blank mapping in Advance Bank Reconciliation Settings is invalid.

The setting is disabled by default and does not update existing parties, Bank Transactions, reconciliations, or rules. When you enable it, NexWave checks enabled Bank Rules that contain a party. Correct the rule's Company or Party, or disable the rule, if it is listed as incompatible.

Open the workspace

Search for Bank Rec in the awesomebar, then open the workspace.

The main tabs are:

Reconcile: match unreconciled bank transactions, create missing vouchers, or update transaction details.
Bank Coding: code simple transactions directly to an account when no invoice or payment matching is needed.
Matched: review transactions that have already been reconciled, including linked vouchers.
Rules: review and maintain rules used for repeat bank transaction patterns.

1. Select the company, bank account, and period

In the filter bar, set:

Company
Bank account
From
To
Statement closing balance, if you are checking the period against the bank statement
Status, when you want to focus on unreconciled, reconciled, or all transactions

Click Refresh after changing filters.

Modern Bank Rec Reconcile workspace

The Bank account list is filtered by Company. If you work across more than one company, choose Company first so the workspace only shows bank accounts that belong to that company and that you are allowed to use.

Use the summary cards before reconciling:

Unreconciled shows how many imported bank transactions still need work.
Unreconciled Total shows the net value still waiting to be cleared.
ERP cleared balance shows the balance after reconciled entries in the selected period.
Difference compares the statement closing balance with the cleared balance.

For month-end work, investigate any unexpected Difference before closing the period.

2. Work through unreconciled transactions

In the Reconcile tab, select one bank transaction at a time from the left table.

Use the side panel to decide the correct action:

Match when the payment, invoice, journal, or internal transfer already exists.
Create when the bank line is real but the accounting entry does not exist yet.
Update when the bank transaction needs clearer details before it can be matched.
Details when you need to review the full imported bank line.

Start with the oldest transactions or the highest-value items first. This makes it easier to find timing differences, duplicate imports, and imported lines that need follow-up.

3. Match an existing record

Use Match when the transaction already has a corresponding record in NexWave.

Select the bank transaction.
Open the Match panel.
Review the suggested candidates.
Use the search field when the list is long. You can search by document, reference, party, date, amount, currency, or confidence reason.
Tick the correct candidate, or enter an amount in Allocate when the bank line needs to be split across more than one record.
Check Selected total and confirm whether the line is Fully allocated.
Click Save and Reconcile.

The best match is usually the record with the same party, date, reference, and amount. A partial allocation is useful when one bank line covers several receipts or payments.

Selected candidates remain selected if a later search hides their rows. Check Selected total before saving so all retained selections are included intentionally.

If no candidate is correct, do not force the match. Use Create for a missing voucher, or update the underlying payment or invoice first.

Filter Parties by Company does not filter the existing-record candidate list by itself. When a match to an unpaid invoice will create a Payment Entry, NexWave still checks that the invoice party is available to the selected company.

4. Reconcile a transfer between bank accounts in the same company

Use an Internal Transfer Payment Entry when money moves between two bank accounts that belong to the same company. For accounts in different companies, follow your organisation's intercompany process. Do not create a separate Journal Entry, and do not manually add a Payment Entry link to each imported Bank Transaction.

Record and submit the transfer

Create the Internal Transfer before matching the imported bank statement lines:

Open Payment Entry and create a new record.
Set Payment Type to Internal Transfer.
Select Company and Posting Date.
Set Account Paid From to the source bank ledger account.
Set Account Paid To to the destination bank ledger account.
Enter the actual amount that left the source account in Paid Amount.
Enter the actual amount received by the destination account in Received Amount.
Enter Cheque/Reference No and Cheque/Reference Date.
Review the amounts and submit the Payment Entry.

For a transfer between currencies, check Account Currency (From), Account Currency (To), Source Exchange Rate, and Target Exchange Rate before submission. Paid Amount and Received Amount can be different because they are recorded in their respective account currencies. NexWave uses the resulting company-currency values to calculate any exchange difference under Payment Deductions or Loss.

Match the source withdrawal

Open Bank Rec and select the source bank account.
Set From and To so the range includes both the imported bank transaction date and the Internal Transfer Payment Entry Posting Date.
Select the withdrawal in Reconcile.
Open Match and find the submitted Payment Entry.
Tick the candidate labelled Internal Transfer.
Check the read-only Allocate value and the Selected total.
Click Save and Reconcile.

NexWave automatically allocates the lower of the amount still available from the source Paid Amount and the unreconciled amount on the selected Bank Transaction. The Internal Transfer allocation cannot be edited in the Match panel.

Internal Transfer selected in the Match panel with automatic allocation

Match the destination deposit

Change Bank account to the destination bank account and click Refresh.
Select the deposit in Reconcile.
Open Match and select the same Internal Transfer Payment Entry.
Check the automatic Allocate value.
Click Save and Reconcile.

NexWave automatically allocates the lower of the amount still available from the destination Received Amount and the unreconciled amount on the selected Bank Transaction. For a cross-currency transfer, the source withdrawal and destination deposit are not expected to have the same numerical value.

The Payment Entry receives a Clearance Date only after both bank-account legs are fully reconciled. When the two imported bank transactions have different dates, NexWave uses the later date.

If one side of the transfer appears as more than one bank statement line, reconcile each line to the same Internal Transfer Payment Entry. For each selected bank statement line, NexWave allocates the lower of the amount still available on that transfer leg and the unreconciled amount on the Bank Transaction.

Correct an Internal Transfer reconciliation

If the wrong transfer was matched, open Matched, select the bank transaction, and use Unreconcile. If the Payment Entry itself needs correction, unreconcile both bank-account legs before cancelling and amending it. Then reconcile the corrected Payment Entry to both statement lines again.

5. Create the missing voucher

Use Create when the bank transaction is correct, but the matching accounting entry has not been entered yet.

Common examples include:

Bank fees.
Interest.
Card settlement adjustments.
Direct credits or debits that were not entered before the statement arrived.

Do not use Create for a transfer between bank accounts in the same company. Record and submit an Internal Transfer Payment Entry first, then use Match for both statement lines. For accounts in different companies, follow your organisation's intercompany process.

In the Create panel:

Choose either an account path or a contact path.
For a simple income or expense item, set Income account or Expense account.
For a customer receipt, supplier payment, or employee transaction, set Contact type and select the relevant contact.
Check Mode of payment, Posting date, Reference date, Reference, and amount details.
Add Cost Centre, Project, or other Accounting Dimension values if your reporting needs them.
Use Edit in Full Page when the entry needs extra lines, tax detail, or another review step.
Click Create and Reconcile when the entry is ready.

NexWave shows required Accounting Dimension fields with an asterisk. If a required dimension is missing, the create action is blocked until it is filled in. Default dimension values may appear automatically when your company setup provides them.

When Filter Parties by Company is enabled, the contact search shows parties assigned to the selected company plus parties whose mapped Company field is blank. A typed party is checked again before the voucher is created.

If the pattern will repeat, tick Save as rule and enter a clear Rule title. Keep rule titles specific enough that other finance users can understand when the rule should apply.

6. Update party or reference details

Use Update when the imported bank line needs clearer information before it can be matched, created, or coded.

Select the bank transaction in Reconcile.
Open Update.
Correct Reference if the imported reference needs clarification.
Select Party type and Party when the bank line belongs to a Customer, Supplier, or Employee.
Click Save.

When company filtering is enabled, the Party search shows company-specific and shared parties only. Changing Party type clears the current Party so it can be selected again from the correct list. Existing Bank Transactions are not changed automatically when filtering is enabled, so update any older row that already contains a wrong-company party.

7. Use Bank Coding for simple rows

Use Bank Coding for simple bank lines that can be coded straight to an income, expense, asset, or liability account without invoice or payment matching.

Bank Coding is useful for regular bank fees, interest, card charges, or other simple rows. Do not use it for transactions that need invoice allocation, payment allocation, internal-transfer matching, or tax detail. The workspace warns that tax is not posted from Bank Coding.

The Bank Coding grid keeps the bulk coding fields above the row list, then lets you review and edit the account, Party type, Party, Cost Centre, Project, Accounting Dimension, and reference values for each selected transaction.

Bank Coding grid with bulk fields and editable rows

To code rows:

Open the Bank Coding tab.
Use All, Uncoded, Rule suggested, Errors, or Selected to narrow the list.
Select the rows you want to code.
Enter the account.
Select Party type and Party when the row needs party tracking.
Add Cost Centre, Project, or other Accounting Dimension values where needed.
Review the suggested descriptions and references.
Click Submit.

If you are coding several rows the same way, use the fields above the table to enter the shared account and dimension values, then click Apply. Review each row before submitting.

Do not bulk-apply one account across mixed money directions. For example, select withdrawals separately from deposits when the account changes accounting meaning by direction.

If a row shows an error, open it before submitting. Typical issues are a missing account, a missing required dimension, or a row that should be matched instead of coded directly.

With company filtering enabled, each row's Party search uses that Bank Transaction's company and includes shared parties. NexWave validates each row again on submission. A row with an invalid party is not posted, while other independently valid rows can still succeed.

8. Review matched transactions

Use the Matched tab to review transactions that have already been reconciled in the selected period.

Matched review view

Select a matched transaction to see its linked vouchers in the Review panel. This is useful when checking month-end work, answering a query about a cleared transaction, or confirming which voucher was created from a bank line.

If a transaction was reconciled incorrectly, use Unreconcile from the matched review panel. Choose the undo option carefully:

Keep linked vouchers when the voucher itself is correct and only the reconciliation link is wrong.
Cancel linked vouchers only when the entry was created in error and should not remain in the accounts.

Do not cancel submitted vouchers just to change the match. Where possible, unreconcile first, review the accounting entry, then decide whether the voucher itself needs correction.

9. Maintain Bank Rules

Open the Rules tab to review rules used by the workspace.

Bank Rules view

Use rules for clear repeat patterns, such as a regular bank fee description or a known merchant reference. Keep rules specific enough that they do not catch unrelated transactions.

Review:

Rule: the rule title and description pattern.
Entry type: whether the rule creates the right kind of entry.
Account: the account used for coding.
Party: the Customer, Supplier, or Employee, where relevant.
Priority: the order used when more than one rule could apply.
Status: whether the rule is enabled.

Use Search rules when the list is long. Disable or tighten a rule if it suggests the wrong account or party for unrelated bank lines.

When company filtering is enabled, the Party search uses the rule's Company and Party Type. Changing either field clears Party so it can be selected again. NexWave checks the party again whenever the rule runs, so a rule may stop if the party's mapped Company value changes later.

Month-end checks

Before treating the bank account as reconciled for the period:

Check that Statement closing balance matches the bank statement.
Confirm Difference is zero, or that every remaining difference is understood and documented.
Review Unreconciled and clear anything that should belong to the period.
Review high-value or unusual rows in Matched.
Check that both bank-account legs of each Internal Transfer are reconciled and the Payment Entry has a Clearance Date.
Check Bank Coding rows with errors before submitting them.
Check that Cost Centre, Project, and other required Accounting Dimension values are filled in consistently.
For supplier payment runs, reconcile from the submitted Batch Payment Entry when one bank withdrawal covers several supplier payments.
Keep timing differences separate from mistakes. A genuine timing difference can remain open until it appears on the bank statement.

Troubleshooting

Issue	What to check
Bank account is missing from the filter	Confirm Company is selected first. Then confirm the bank account is a company bank account, has a linked ledger account, and belongs to the selected company.
Candidates do not appear in Match	Check From, To, party, amount, document status, and whether the payment or journal has already been reconciled.
An Internal Transfer Payment Entry does not appear	Confirm it is submitted, its Posting Date is inside the filter range, and the selected bank account matches Account Paid From for a withdrawal or Account Paid To for a deposit. Also check whether that bank-account leg is already fully reconciled.
The Internal Transfer allocation cannot be edited	This is intentional. NexWave calculates the value from the source Paid Amount or destination Received Amount, then limits it to the amount still available on that bank-account leg and Bank Transaction.
The source and destination statement amounts are different	For a cross-currency transfer, review Paid Amount, Received Amount, Source Exchange Rate, and Target Exchange Rate on the Payment Entry. The two statement values are recorded in different account currencies and do not need to be numerically equal.
A cross-currency Payment Entry reports a missing Company default	Set Exchange Gain / Loss Account and Default Cost Center on the Company, then save and review the Payment Entry again.
A transfer is rejected for the account or direction	Match a withdrawal against the Account Paid From bank account and a deposit against the Account Paid To bank account. Do not reverse the two sides.
NexWave says no amount remains for the transfer	The available amount for that bank-account leg has already been allocated. Review the transfer under Matched and unreconcile an incorrect link before trying again.
A refund or negative allocation is selected with an Internal Transfer	Reconcile refunds and negative allocations separately from the Internal Transfer.
The Internal Transfer Payment Entry has no Clearance Date	Confirm both the source withdrawal and destination deposit have been fully reconciled. The clearance date is set only after both bank-account legs are complete.
A party is missing from Create, Update, Bank Coding, or a Bank Rule	Check the selected company, the party's mapped Company value, whether the party is disabled, and whether you can read the party record. A shared party must have a blank value in its mapped Company field.
Advance Bank Reconciliation Settings will not save	Confirm all three Company field mappings are selected and each is a Link to Company. Correct or disable any incompatible enabled Bank Rules listed by NexWave, then save again.
Search hides a candidate you selected	The candidate remains selected. Check Selected total before saving, or clear the search if you want to review or untick the hidden row.
Allocation will not save	Confirm the allocated total matches the bank transaction amount, or leave the remaining amount for another valid allocation.
Create says a dimension is required	Fill in the dimension marked with an asterisk. Your company may require certain dimensions for income, expense, asset, liability, or equity accounts.
Bank Coding row shows an error	Check the account, Cost Centre, Project, and required dimensions. Also confirm the row should not be matched to an existing invoice or payment.
Bank Coding warns about mixed directions	Apply shared fields to deposits and withdrawals separately when the account should differ by direction. Direction-neutral fields such as Project or dimensions can still be reviewed row by row.
Difference does not clear	Check the statement closing balance, unreconciled timing differences, duplicate imports, and any entries posted directly to the bank ledger account.
Wrong voucher was matched	Open Matched, select the transaction, then use Unreconcile. Keep the linked voucher unless the voucher itself was created incorrectly.
Rule suggests the wrong coding	Open Rules, then disable the rule or make its matching pattern more specific.