How do I reconcile my bank account in Buildium for the first time?

Before you get started, here are the three things you'll need to do.

  1. Set up your opening bank balances. Here's how to set up your bank balances, and fix things if something's gone wrong.

    Entering opening bank balances correctly is the first and most important step in tracking your financials correctly in Buildium. Without opening balances entered, you will not be able to reconcile your account.

  2. When your monthly bank statement comes in the mail, set it aside until you're ready to reconcile.

    Buildium does recommend reconciling your accounts on a monthly basis.

    If your bank only offers statements online, take the time to print out a copy. Having a physical copy on hand will keep the reconciliation process simple.

  3. Check out our help article on bank reconciliation for a step-by-step on the buttons to push in Buildium.

Next, let's reconcile.

Remember, your goal is to match the ending balance on your bank statement to the ending balance in Buildium.

  1. If you haven't already, print out your bank statement. Highlight the total deposits and total checks at the top of the statement.

    Why? The print out makes it easier. The highlighted numbers will help you find mistakes if they happen later on.

  2. Start the bank reconciliation in Buildium by navigating to Accounting > Banking, then clicking on the bank account you want to reconcile. From the transactions page, click Reconciliations.
  3. Reconcile the statement to Buildium.

    Deposits are usually separate from checks on a bank statement. There are usually summary sections, like numbered checks, too. Reconcile these summary sections first, then other withdrawals, then bank deposits.

    If your statement is a big list of stuff, that's ok. Take the first transaction on your bank statement and find it in Buildium. When you find a match, check it off on the bank statement and in Buildium. Then, go to the next transaction and repeat the process.

    If you find a transaction on the statement that isn't in Buildium, highlight it and come back for it later.

If ending balances don't match, here's how to handle it:

  1. Confirm the opening balance was entered into Buildium correctly. If the number on your bank statement doesn't match Buildium's calculated value, figure out why.

  2. Look for a discrepancy in the total checks, then total deposits. It's easier to fix the bank reconciliation in sections. Sometimes you'll find a single transaction that exactly matches the amount that you're off by.

  3. Look for transactions that might have sneaky transcription errors. For example, a check for $500.50 might have been entered as $500.05.

We hope that helps! Remember, Buildium is here to help you out seven days a week.


Article #: 112880

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