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My Farmplan Business Cloud bank balance does not match my bank statement balance?
My Farmplan Business Cloud bank balance does not match my bank statement balance?

Does my bank reconcile?

Luke Mayo avatar
Written by Luke Mayo
Updated over a week ago

It is not necessary to carry out a manual bank reconciliation process if you are using the Bank Feed option because Farmplan Business Cloud is continuously checking that the balance in the application agrees with your bank.

In order to be sure your banking transactions are correct you should regularly check that the bank balances in Farmplan Business Cloud match the balances on your bank statements. If they do not then you know there are errors and/or omissions which need to be addressed.

There are a number of reasons your balances may not match and they can depend on your entry method:

Opening Balances (all entry methods)

If you are transferring to Farmplan Business Cloud from another system, the chances are that opening balances need to be entered. Your opening balances will include your opening bank balances, so once they have been entered into Farmplan Business Cloud, your bank balances should be correct.

Errors and Omissions (manual entry only)

If you are using file imports or bank feeds, this will be far less likely to happen, compared to manually entering your bank transactions.

If you have made mistakes when entering manual banking transactions, you will need to go through your bank statement and compare it to the transactions in Farmplan Business Cloud.

Here are some tips for doing this:

Go to Banking > Bank Accounts and click on the bank name. This will open a pop out screen containing your bank transactions. Click on the 'date' heading to order by date and then click the export symbol to export to Excel.

You can then download your banking transactions in Excel format and copy and paste them into the same workbook. You can then compare the transactions in Excel to highlight erroneous or missing transactions.

It is recommended that you start from the oldest date your balances did not match and work forward from there. You can compare historic balances by running a trial balance report, a balance sheet report or by adjusting the end date in Categories.

Overlapping Periods (file imports only)

If your entry method is file imports, it is possible for duplicate transactions to be included if you overlap periods. For example, if you import a CSV file into Farmplan Business Cloud for the period 1st March to 15th May and then later upload another CSV file from 10th May to 30th June you will have overlapped 5 days worth of transactions. Similarly, you may have missed a period using the same method.

To correct this, you will need to check your banking transactions to see when this may have occurred.

Go to Banking > Bank Accounts and click on the bank name. This will open a pop out screen containing your bank transactions. Click on the 'date' heading to order by date and then click the export symbol to export to Excel. You can then scroll through your transactions to look for duplicates and missing periods. To correct, simply delete duplicates or upload the missing periods.

Please also see our Enter Transactions support article.

User Intervention

We strongly recommend that you do not swap between bank feeds and manual entry for the same bank account. If you have entered something manually it could end up being duplicated when the bank feed comes in.

Take care that you do not edit the financial amounts or delete transactions that have been fed in from a bank feed or file import.

If you use the File Import option, have you edited the file before it was imported?

Remember that if you have an interbank transfer you will only need to record one half, as the other side will be entered automatically. This is normally detected by Farmplan Business Cloud and you will be warned about it, but check that the transfer is 'ignored' in the 2nd bank account as it will already be taken care of. Check any relevant bank rules are set to 'Auto-Ignore'.

Bank Feeds

If the bank balance in Business Cloud does not agree with the balance on your internet banking, check that this is not due to pending transactions that have not been cleared yet.

Click on the blue eye symbol and ‘Retrieve’ your data from the specified date just to check that it is completely up to date. See the article which explains what the bank symbols mean.

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