Running a Balance Sheet Reconciliation Report

Running Balance Sheet Reconciliation

Here you will learn how to run a Balance Sheet Reconciliation in Verifi

Table of Contents

1. Introduction

2. Before You Start

3. Opening Balance Sheet Reconciliation

4. Running the Reconciliation

5. Reviewing Findings

6. Attaching Supporting Documents

7. Adding Notes and Reminders

8. Resolving and Exporting

1. Introduction

Balance Sheet Reconciliation (BSR) in Verifi automatically ties out your balance sheet accounts against supporting evidence and flags discrepancies using a traffic-light severity system. It runs inside e-conomic so you can reconcile without leaving your close workflow.

Key Benefits:

• Automated tie-outs across balance sheet accounts

• Traffic-light severity (red, orange, green) to prioritise what matters

• Drag-and-drop supporting documents directly onto accounts

• Findings and evidence in one place

• Faster, more confident month-end close

2. Before You Start

Make sure the following are in place:

• You are signed in to Verifi inside of e-conomic (see Onboarding to Verifi)

• You have access to the e-conomic agreement you want to reconcile

• Balance Sheet Reconciliation is active on the agreement you have selected. If it's not, the BSR tab will not appear in the Verifi sidebar. Contact your Verifi administrator or reach out to support to have it enabled for your user.

• Supporting documents (bank statements, salary slips, tax statements, sub-ledgers, schedules) are ready to attach saved locally on your computer

Note: BSR will use the period range you have selected in e-conomic and will automatically include non-booked entries as well.

3. Opening Balance Sheet Reconciliation

Step 1: Navigate to BSR inside of Verifi

1. In Verifi, click on the tabs and select BSR, you will automatically be redirected to Saldobalance in e-conomic

Step 2: Select Your Period

1. Choose the financial year and period inside of e-conomic

2. Wait for the period totals to load

Step 3: Click on ‘start report’

1. Do you have anything you want to reconcile against the period? If yes, add those documents to the Verifi sidebar before running the report. Examples of documents you can add include:

   1. Salary slips and payroll reports

   2. Tax statements and SKAT confirmations

   3. Bank statements and loan statements

   4. Sub-ledger schedules and exports

   5. Any PDF, image, or spreadsheet supporting the balance

Processing takes about 5 minutes. You can keep working in e-conomic while it runs — Verifi will update the sidebar when results are ready.

5. Reviewing Findings

Once the reconciliation completes, findings are grouped by account and ranked by severity:

• 🔴 Red — material discrepancies that require attention before close

• 🟠 Orange — items to review but unlikely to be material

• 🟢 Green — accounts that tie out cleanly

7. Adding Notes and Reminders

You can add notes and reminders to accounts to give Verifi context for future reconciliations. This helps Verifi understand recurring patterns specific to the agreement, so it doesn't flag expected movements as errors.

For example: if a company typically pays bonuses in June, you can add a note on the relevant salary or wage account. The next time Verifi sees a spike in June, it will recognise it as expected behaviour rather than flagging it as an anomaly.

Other useful notes include:

• Quarterly VAT settlements

• Annual insurance or licence renewals

• Holiday pay accruals

• Recurring intercompany transfers

• Seasonal stock build-ups

Notes stay with the account and carry over between periods, so the reconciliation gets smarter the more you use it.

8. Resolving and Exporting

Step 1: Action Each Finding

For each flagged account, you can:

• Add a comment to document your reasoning or note items for review

• Re-run the check on a single account after making corrections

Step 2: Export Your Reconciliation

When you're done, click Download Spreadsheet to download a full reconciliation report including all findings, attached documents, comments, and resolutions. This is your audit trail for the period.

You've now completed a Balance Sheet Reconciliation in Verifi and have a documented record of the work!