Glossary
Reconciliation
To reconcile is to hold two figures against each other and explain every difference. The most important one is the bank reconciliation: the bank's balance must be the same as the balance of the bank account in the books. If they differ, an entry is missing or there is one too many. In Danish it is afstemning.
Updated 21 October 2026
What is reconciliation?
The bank shows 84,000 kr., and the bank account in the books shows 85,250 kr. The difference of 1,250 kr. has to be found: perhaps a payment was booked twice, or a bank fee was never booked. Once the difference is explained and corrected, the account is reconciled. The same is done for debtors (does the debtor list agree with the customers' open invoices?), creditors and VAT (do the VAT accounts agree with what was reported?).
Reconciliation is not an entry but a check. It is typically done at the end of the month and always before a VAT return and an annual report, because it reveals errors that would otherwise go into the filing.
Reconciliation in Veneti
In Veneti the bank is imported automatically every day through open banking, and every transaction becomes exactly one line in the journal, with neither duplicates nor missing transactions. The bank account in the chart belongs to the import alone from the date the connection starts, so no other entry can land there by accident. The bank's balance is reconciled with the books, and the difference is shown under Banking and coding.
Debtors reconcile themselves through settlement: a payment that quotes the invoice number is matched with the invoice, and the open amount shows what is missing. A supplier payment you settle against the invoice yourself with Settle. Step by step: Guide to bank reconciliation.
Related terms
- Settlement: the reconciliation of a single invoice against its payment.
- Account balance: the figure that is reconciled.
- Open banking: the connection that fetches the bank's transactions.