When a connected client is added, Double automatically pulls all bank and credit card accounts as Account Reconciliation closing tasks.
Overview
Account Reconciliation tasks will show details about the account as well as the balance of the account in the ledger as of month-end.
Account Reconciliation task balances
There are a few options for the information viewed for each account:
Last reconciled transaction date:
The date of the latest transaction in the ledger that has been reconciled (shown by default).
Reconciled through date:
The statement ending date for the account (enabled by toggling on Statement balance in Practice settings -> Practice management -> Workflows).
This can by synced over from Quickbooks Online via the Chrome extension or entered manually.
Balance @ EOM:
The balance in the ledger for the account as of the month-end date (shown by default).
Compare to balances - these are reference balances for your ledger balance to ensure accurate reconciliation:
Time-stamped balance
see full description below (enabled by toggling Time-stamped balances on in Practice Settings -> Workflows)
Statement balance
the statement balance the account is reconciled against (enabled by toggling on Statement balance in Practice settings -> Practice management -> Workflows). This can by synced over from Quickbooks Online via the Chrome extension or entered manually.
Intercompany balance - see full description below.
Accruals schedule balance - for accounts with related Accruals schedules, for clients on the Scale plan. See our Accruals articles here.
Account Reconciliation transaction reports
Clicking into an Account Reconciliation task displays a ledger of all transactions in that account.
This report can also be filtered by the following transaction states:
Reconciled – the transaction has been verified in a reconciliation
Cleared but not reconciled – the transaction has been added from the bank feed but not verified in a reconciliation
Uncleared – the transaction has not been matched to a bank feed item or reconciled to a statement
Adding accounts
Add loans and other accounts by clicking the + Add task button at the bottom of the Account Reconciliation section.
Removing an account
If any of the accounts listed are not accounts regularly reconciled by the team, they're easily removable.
To delete an account from the Account Reconciliation task list,
Click on the task to expand it
Select the "Delete reconciliation task" button to remove it from the list.
💡 Account Reconciliation task names will not be updated automatically if the name of the account changes in QuickBooks or Xero.
To update the account's name, we recommend removing and re-adding the account in Double to reflect any changes made since creating the task.
Timestamped account balances
A timestamped balance column can also be added to display the account balance as of when the task was completed. This helps identify accounts whose balances have changed since they were reconciled.
If the timestamped balance does not match the live book balance, it indicates that changes have occurred in the account since reconciliation. The task can then be opened to review the register and investigate further. These timestamped balances do take the close period into consideration.
Enable practice-wide time-stamped balances under Practice Settings > Practice Management > Workflows > Monthly close settings.
💡 Timestamped balances will only be captured for tasks completed on the Close page. They will not be captured for tasks completed via the Task List.
Double's Chrome extension & reconciling in QuickBooks Online
Auto-clearing transactions from Double's AI Bank Feeds
For accounts coded using Double's AI bank feeds, the Chrome extension allows you to auto-clear transactions in Quickbooks Online with the click of a button.
From the reconciliation module in Quickbooks Online, click the purple "Start reconciling button to auto-clear any transactions that were coded in Double's bank feeds.
If any transactions remain uncoded in AI Bank Feeds, you can complete the coding and re-click the Start reconciling button as many times as you need.
Analyze reconciliation discrepancies using AI
If you ever find yourself in the unfortunate situation of needing to fix reconciliation discrepancies, you can use Double's Chrome extension to help analyze what might be causing those issues.
From the reconciliation screen, click the purple "Analyze difference" button.
This will open a up a new tab that will allow you to keep your reconciliation open while we identify possible drivers of the reconciliation variances.
Upload a pdf version of your bank statement and Double will look for differences between your cleared ledger transactions and your statement line items.
Double will group potential differences into the following categories:
Uncleared transactions (transactions cleared in the reconciliation/ledger but that have not cleared the bank)
Potential duplicate transactions
Other items - items in future periods that might be causing differences or items that don't quite look right.
Review the AI reasoning section, which explains why each transaction was included in the sections above.
With this information open, you can make the necessary edits and selections to the transactions in the reconciliation screen to work toward a $0 discrepancy and a clean reconciliation!
Sync reconciliation reports & balances from Quickbooks Online to Double Account Reconciliation tasks
After completing your reconciliation in Quickbooks Online, you can now sync the following information back to the Account Reconciliation task for the related account in Double:
Statement ending date
Statement balance
Reconciliation report (pdf version)
Click Finish Now to complete your reconciliation as you typically would in Quickbooks Online
From the success popup, click the "View reconciliation report" link to take you to the reconciliation report screen.
Choose the close period you'd like to upload the report to (you can upload to any existing close period) and click Upload report to task.
If an Account Reconciliation task does not already exist for the account (in the case of a new account or a new client), you can create a new task from the Chrome extension after clicking the upload button.
Clicking the Upload report to task button will also sync over the statement ending date and the statement balance.
To view these synced items on the Account Reconciliation task, go to Practice Settings, Practice management, Workflows and toggle on the Statement balance setting.
Intercompany reconciliations and transfers
Intercompany transfers allows you to reconcile Due To/From account balances across accounting files and post adjusting transactions from one file to the other.
💡 This feature does not currently support multi-line expenses or invoices.
How to set up Intercompany functionality
Let's say you have two clients with intercompany transactions between them: ParentCo and ChildCo.
1) In ParentCo's file Client Settings, set up ChildCo as an Associated Company
2) In ParentCo's Account Reconciliation section, click the third column, toggle to Intercompany, and add the Due To/From ChildCo account
3) Map ChildCo's offsetting Due To/From ParentCo account via the info button so its balance shows up in the Other File column, and you can tie out the two files' balances against each other
4) To post an offsetting Journal Entry from ParentCo to ChildCo (e.g., for an expense that is attributable to ChildCo but was paid by ParentCo):
Click the More Information Button
Navigate to the Transfer tab
Fill in the details of the offsetting Journal Entry
Click Transfer to create a Journal Entry in ChildCo with matching dates, amounts, descriptions, and accounts
5) Perform steps 1-4 in ChildCo for ParentCo
Not seeing the third column under Account Reconciliation?
Make sure you've followed the steps above. To recap,
Set up ChildCo as an Associated Company
Add the Due To/From ChildCo account
Map ChildCo's offsetting Due To/From ParentCo account
Due to/from reconciliations
If you reconcile Due To/From Accounts against each other, you can also set up the Account Reconciliation tasks to pull the balance from the other file to make it easier to tie them out in your closing process.
Trust account reconciliation (IOLTAs)
If the client holds funds in trust for their customers (a very common practice for lawyers, for retainers or received settlement funds), it is necessary to reconcile both:
the trust bank balance against its statement, and
the trust bank balance against its corresponding liability account (the account that records the balances your client owes to its customers)
To make this process easier in Double, we recommend adding both of these accounts to the Account Reconciliation section for this client, as shown below:
This way, you can make sure the trust balance and its corresponding liability account match each other as part of your month-end close process.
FAQs
My account's Last Reconciled Transaction date does not match the date of my latest reconciliation - why?
Due to limitations in the QuickBooks Online API, sometimes you may find that the date of the "Last Reconciled Transaction" in Double doesn't line up exactly with the date of your latest reconciliation.
This can happen for a couple of reasons:
If the account does not have many transactions
If the date of the latest transaction in the account is several months prior to your current close, then the Last Reconciled Transaction will still be that transaction's date, even if you have reconciled through the latest period
If you are in an older close
Double fetches 12 months of transaction data leading up to that close period, so in the December '24 close for example, Double will fetch data from January 2024 - December 2024.
The Last Reconciled Transaction date may show as some date in outside of your close's transaction range, even if you have reconciled that account through a later month
