Bank reconciliation helps you ensure your books match your actual bank statements. Refrens helps you do it automatically and in a more streamlined manner.

There are three simple steps to this:

1. Upload your Bank Statement on Refrens
2. Review uploaded transactions and add them to "Bank Book"
3. Reconcile "Bank Book" transactions against ledger records

Let's go through each of these in detail:

Step 1: Upload Statement

To get started, go to "Bank & Payments" > Account Statements > Upload Statement:

When you click on "Upload Statement", you will see the following pop-up:

Just select the Payment Account against which you want to reconcile your Bank Statement, and click "Continue".

You will see the following pop-up:

From here, you can upload the CSV file of your Bank Statement to proceed.

If you are doing this for the first time, we would recommend you to "Download Sample File Format" first to ensure that you are using the right format.

Here's what the sample file looks like:

Let's understand these columns:

1. date (Mandatory): Date of the transaction. (DD-MM-YYYY format)
2. amount (Mandatory): Amount being transacted.
3. closing_balance (Optional): Closing Balance after the transaction.
4. type (Mandatory): Type of transaction. Write cr for Credit and dr for Debit.
5. remarks (Optional): Transaction remarks.
6. refrence_number (Optional): Transaction reference number.

Three columns (date, amount, and type) are mandatory to be filled to upload your statement on Refrens. Rest of the columns are optional.

For example, here's the Bank Statement csv we have prepared:

Once your CSV is ready, proceed with uploading the same on Refrens.

On successful upload, you will see the following review pop-up:

Here, you can view and confirm statement details such as Start Date, End Date, Bank Account, Opening Balance, Closing Balance, and the No. of Transactions. Click "Continue" after confirming the details.

You will be redirected to the Review Transactions page.

Step 2: Review Transactions & Add to Bank Book

Here's what your Review Transactions page will look like:

As you see, all the transactions you have uploaded will appear in this dashboard for your review.

For each transaction, you can take two types of action form the "More" option:

A) Mark As Duplicate: If the transaction is duplicate of any other transaction, you can mark it as duplicate. once marked, duplicate transactions will appear in a separate tab:

B) Add to Bank Book: Verify the transactions and move to Bank Book for reconciliation process.

As you see above, here are three ways to add transactions to the Bank Book:

1. Go to transaction > More > "Add to Bank Book" to individually add statements to the Bank Book.
2. Select multiple transactions > go to "Bulk Actions" > click "Add to Bank" to add all the selected transactions to the Bank Book.
3. Click "Add All to Bank Book" from the top right corner to add transactions to the Bank Book at once.

Once you have added the transactions to the Bank Book, you will be redirected to the "Bank Book" page:

Step 3: Start Reconciling

All the statements you have uploaded will appear in your "Account Statements" dashboard along with their reconciliation status (Uploaded / Added to Bank Book / Reconciled ):

Go to the statement that is already added to your Bank Book > click "More" > select "Start Reconciliation" to start reconciliation.

You will be redirected to the "Reconcile Statement" page:

As you see, Refrens will automatically attempt to match your Bank Book entries with ledger records. 

You will see three different statuses:

1. Matched: Transaction matches a ledger entry.
2. Missing in Ledger: No corresponding ledger entry found.
3. Missing in Bank Book: Ledger entry not found in the Bank Book.

Click" View" on any transaction for detailed information:

Actions to take based on the Match status:

1. For Matched Transactions:

For Matched Transactions, you can take two actions:

A) Unmatch: If transaction was matched incorrectly, you can click on "Unmatch" to unmatch it.

B) Mark as Reconciled: If the transaction is matched correctly, click on "Marke as Reconciled" to complete the reconciliation.

2. For Transactions Missing in Bank Book:

If the transaction is Missing in Bank Book, click on "Discard" to remove it from consideration.

3. For Transaction Missing in Ledger

If the transaction is Missing in Ledger, go to "View " option and see if there are any other suggested matches as shown above.

If you find a match in the suggested matches. click on "Mark as Match" to manually mark the transaction as a Match.

Otherwise, go to "More" option and click "Mark for Later" to reconcile the transaction later on.

After you take actions on the transactions, you will see the updated statuses for each transaction:

All status changes (Reconciled, Discarded, Marked for Later) are also reflected in separate tabs for easy tracking:

Using the Rescan Option

For transactions Missing in Ledger or Marked for Later, use the Rescan feature.

Click "Rescan"  to let Refrens automatically try to match these transactions again:

That's it!

If you still have questions, reach out to us at care@refrens.com or contact us on live chat support for quicker assistance!

Updated on: 29/07/2025