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Reconciliations

A reconciliation ties out an account by comparing two balances:

  1. the ERP balance: pulled automatically from your accounting system, and
  2. the workpaper balance: read from the workpaper you tag in your cloud storage.

When the difference between the two is at or below the account's materiality threshold, the reconciliation ties out and can be signed off. View reconciliations on the Reconciliations page (all folders) or on the Folders page (one folder at a time).

Adding a reconciliation​

Click New Account on the Folders page or Reconciliations page, and choose the account.

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When you add a new reconciliation, the account balance doesn't load immediately. To load it right away, use the Refresh button; otherwise it loads during the next scheduled ERP sync.

Tagging workpaper balances​

To compare an ERP balance with a workpaper balance, CloseCore needs to know which cell in the workpaper contains the balance. Tag that cell for each reconciliation by placing the account's #cc- tag in the cell to the right of the balance. Without an account tag, CloseCore cannot load a workpaper balance and the reconciliation cannot tie out.

For the exact tag and instructions, see Tagging accounts & journal entries.

Editing or deleting a reconciliation​

Use ⚙️ Edit Task on the Folders page or Reconciliations page to change an account's threshold, assignees, due dates, fixed balance, or to delete it.

For changes across multiple tasks or a workbook of recurring templates, see Bulk data management.

Checking completeness​

To see which accounts you have and haven't configured reconciliations for, use the Completeness button. It compares your ERP's chart of accounts to your configured reconciliations so you can spot any new or missing accounts and add them.

Materiality threshold​

Each reconciliation has a materiality threshold: the largest difference between the ERP and workpaper balances that still counts as tied out. Set it when you create or edit the reconciliation. If the difference exceeds the threshold (or a balance is missing), you can't sign off.

Fixed balance and auto-signoff​

Instead of tagging a reconciled balance in a spreadsheet, you can set a fixed balance directly in CloseCore from the reconciliation's edit menu. This is intended for accounts without regular monthly activity and for clearing accounts.

You can also combine a fixed balance with auto-signoff: CloseCore automatically signs off on the reconciliation after period end, as long as it ties out. For example, a payment clearing account that should net to zero can be given a fixed balance of 0 with auto-signoff, so CloseCore automatically approves on the first day after month end when it's in balance.

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If a reconciliation has both a spreadsheet anchor and a fixed balance, the spreadsheet anchor takes precedence, so the fixed balance will not apply.

Refreshing balances​

CloseCore syncs your chart of accounts and balances on a schedule you configure. To pull fresh data immediately, use the Refresh button on the Folders or Reconciliations page. See Syncing.

Next steps​