Bank Reconciliation Workflow

What happens if the statement and ledger balances match exactly?

When the finance officer records the type of difference found as 'None' during matching, the workflow routes past the journal posting and investigation steps and moves straight to the reviewer stage. The reconciliation record still captures the matching notes before it proceeds. This keeps clean reconciliations moving quickly to sign-off without unnecessary steps.

Can this handle a variance that doesn't fit bank fees, outstanding items or an unexplained variance?

Yes. The routing step includes an 'otherwise' path for any type of difference that doesn't match the defined categories, so the reconciliation still progresses through the workflow rather than getting stuck. A workspace can adjust the routing logic in the workflow editor to add more specific categories if needed.

What happens if the reviewer returns the reconciliation instead of approving it?

The reconciliation status stays in Review, and a task is created for the finance officer to make the corrections requested, recording what was corrected on the record. The workflow then returns to the reviewer task automatically so the corrected reconciliation gets reviewed again. This loop repeats until the reviewer records an Approved result.

Who is responsible for investigating an unexplained variance?

A senior reviewer is assigned the task when the type of difference found is routed as an unexplained variance. They record their investigation and resolution directly on the reconciliation record, and the workflow waits for that task before continuing. This keeps the more complex variance types with a more senior team member while routine matching stays with the finance officer.

What if bank fees or adjustments need a journal entry posted?

When the type of difference is routed as bank fees or adjustments, a task is assigned to the finance officer to post the journal entry and record the journal number. The workflow waits for that task, then saves the journal number to the record before the reconciliation moves to the Review status. This keeps a record of exactly which journal corrected the variance.

Can we customise which fields are collected on the request form?

Yes. A workspace can edit the workflow's steps in the workflow editor or describe the change in plain English, including adjusting the fields on the request form or the tasks assigned to finance officers and reviewers. Earlier versions of the workflow are kept, so changes can be reviewed or rolled back.

How does the finance officer know the reconciliation was submitted or approved?

The finance officer receives an emailed acknowledgement with their reference number as soon as the reconciliation record is created. Once the reviewer approves the reconciliation and its status is set to Reconciled, the finance officer receives a second email confirming the approval.

What does the reconciliation record show at any point in the process?

Each reconciliation is a record with a reference number, a current status such as Open, Reconciling, Review or Reconciled, and a timeline of what happened at each step. Table views and dashboards show reconciliations grouped by status, so teams can see which ones are awaiting matching, review or correction. Each business should confirm what level of detail it needs to retain for its own record-keeping obligations.

Can multiple finance officers or reviewers use this workflow at once?

Yes. Tasks such as matching transactions, posting journals or reviewing the reconciliation are assigned to the relevant team member, and each reconciliation record moves independently through its own steps. Workspace users, whether admins or members, can pick up their assigned tasks without affecting other reconciliations in progress.