Bank Reconciliation

Bank Reconciliation Software — Import, Match & Reconcile

Import bank statements in any format, auto-match transactions with rules, and reconcile your books in minutes — not hours. GL entries created automatically.

Get Started Now

Why Reconcile Your Bank?

Bank reconciliation is the foundation of accurate bookkeeping. Here is why it matters for every Canadian business.

Catch Errors

Bank errors, duplicate charges, and incorrect amounts happen more often than you think. Reconciling your bank statement against your books catches discrepancies before they compound into bigger problems at year-end.

Prevent Fraud

Regular reconciliation is your first line of defence against unauthorized transactions. By reviewing every bank entry against your records, you spot suspicious activity early — before it becomes a costly issue.

CRA Audit Ready

The CRA expects businesses to maintain accurate financial records that can be verified against bank statements. Reconciled books with a clear audit trail mean you are always prepared if the CRA comes knocking.

Cash Flow Accuracy

Unreconciled transactions distort your cash position. When your bank balance matches your books, you know exactly how much cash is available — critical for making informed business decisions and managing payroll.

Tax Filing Confidence

Accurate reconciliation ensures every deductible expense is captured and every revenue entry is accounted for. When tax season arrives, your numbers are already verified and ready for your accountant or CRA filing.

Year-End Simplicity

Businesses that reconcile monthly breeze through year-end close. Instead of scrambling to match hundreds of transactions in December, you have 12 months of clean, verified records ready to go.

Supported Import Formats

iBill accepts bank statements from any Canadian financial institution in the format that works for you

Format	Extension	Banks
CSV	.csv	All Canadian banks — RBC, TD, BMO, Scotiabank, CIBC, National Bank, Desjardins, and credit unions
OFX	.ofx	Most online banking platforms — standard open financial exchange format supported by major banks
MT940	.mt940	Commercial and institutional banks — SWIFT standard used for corporate banking statements
Excel	.xlsx /.xls	Manual exports from any bank — download your statement as a spreadsheet and upload directly

How iBill Handles Bank Reconciliation

From statement import to GL posting — every step is automated and audit-ready

Bank Statement Import

Upload bank statements in CSV, OFX, MT940, or Excel format. iBill automatically parses dates, descriptions, and amounts — no manual data entry. Works with every Canadian bank and credit union.

Auto-Match Rules

Create pattern-based rules to automatically categorize recurring transactions. When a transaction description matches a rule, iBill assigns the GL account and category instantly — saving hours of manual work.

Bulk Reconciliation

Select multiple transactions and reconcile them in a single batch. Row-level locking ensures data integrity when multiple users are working simultaneously. Review, confirm, and reconcile with one click.

GL Auto-Posting

Every reconciled transaction automatically generates a journal entry in your general ledger. Debits go to the correct expense or asset account, credits go to your bank account (GL 1200). No manual journal entries needed.

Reconciliation Rules

Save categorization rules and reapply them across future imports. Rules match on transaction descriptions, amounts, or custom patterns. Build your rule library once and let iBill handle categorization forever.

Unreconciled View

Filter and view all outstanding unreconciled transactions at a glance. Sort by date, amount, or description to quickly identify items that need attention. Track your reconciliation progress with a clear status indicator.

Reconcile Your Bank in Minutes, Not Hours

Import your statement, let iBill auto-match transactions, and reconcile your books with GL entries created automatically.

Get Started Now

Trusted by Canadian Businesses — 1,200+ signups

Bank Reconciliation FAQs

What bank statement formats does iBill support?

iBill supports CSV (all Canadian banks), OFX (most online banking platforms), MT940 (commercial and institutional banks), and Excel (manual exports). You can import statements from any Canadian financial institution — just download your transactions in one of these formats and upload directly to iBill.

How does auto-categorization work?

You create reconciliation rules based on transaction descriptions, amounts, or patterns. When you import a new bank statement, iBill automatically matches incoming transactions against your saved rules and suggests the correct GL account and category. You review the matches and reconcile in bulk with one click.

Can I reconcile multiple bank accounts?

Yes. You can create separate reconciliation sessions for each bank account. Each session tracks its own opening and closing balances, and all reconciled transactions post to the correct GL accounts independently. This is ideal for businesses with operating, savings, and payroll accounts.

How does reconciliation affect my GL?

When you reconcile a transaction, iBill automatically creates the corresponding journal entry in your general ledger — debiting the appropriate expense or asset account and crediting your bank account (GL 1200). If you void a reconciliation, the journal entry is also reversed and the transaction returns to unreconciled status.

Ready to reconcile your bank and clean up your books?

Create Account

Import Your Bank Statement and Reconcile Today

Trusted by Canadian businesses using iBill's bank reconciliation tools.