Unreconciled transactions represent bank transactions that lack supporting documentation, like invoices or receipts. Managing these effectively is crucial for accurate bookkeeping and audit compliance.
What are unreconciled transactions?
Unreconciled transactions will appear in your bank feed, but they haven't been matched with the appropriate supporting documents or invoices. Common examples include:
Card payments without receipts
Bank transfers without invoices
Automated payments missing documentation
Cash transactions lacking proper records
These transactions create gaps in your accounting records and can cause issues during audits or financial reviews.
How Apron streamlines the process
Old methods of chasing missing paperwork – spreadsheets, emails, and phone calls – are time-consuming and often ineffective. Apron transforms this process into a streamlined workflow.
Instead of manual tracking, you can assign transactions directly to team members. We will then notify them and provide options for them to take action.
The Apron workflow
Access transactions – View all unreconciled transactions from your connected accounting software in one place.
Assign to team members – Select transactions and assign them to the appropriate people for documentation.
Automatic notifications – Assignees receive email alerts with direct links to provide missing paperwork.
Document upload – Team members can upload documents or add explanatory comments through the platform.
Review and process – Once documents are provided, review and publish them to your accounting software.
Benefits over traditional methods
Automatic tracking eliminates manual spreadsheet management. Email notifications ensure nothing gets forgotten. Clear audit trails document the entire process, and reduced administrative overhead frees up your time for more valuable work.
The system also provides automatic reminders for outstanding requests, ensuring timely resolution.