How to validate your financial accounts balances

To ensure an accurate accounting of your company, we suggest you validate your financial accounts before releasing the data to your accountant.

Validate balances of your bank accounts

To validate the balances of your bank accounts, follow these steps.

  1. Get a bank statement from your bank.
  2. Open the Transactions screen.
  3. Select your bank account from the first filter field.
  4. In the Date filter, select the end date of your bank statement from the To field.
  5. Wait for OnBalance to apply the filter.
  6. Check your balance at the top right of the screen.

If your balance is the same amount as your bank statement total amount, your balance is validated. If not, you will need to audit the list of transactions until you find what is missing or should not be uploaded to OnBalance.

If the balance in OnBalance does not match the balance from your bank statement, try to change the date filter to an earlier date when you did a previous audit - or when you had another bank statement – and check if the new balance matches the balance from your bank statement. If not, and they have the same difference, it means that the transaction error is before the filtered date. If they match, it means that the transaction error is after the filtered date. This technique will make it easier to find the problem.

Validate balances of your cash accounts

To validate the balances of a cash account, follow these steps.

  1. Sum how much money you have in the specific cash account.
  2. Open the Transactions screen.
  3. Select the specific cash account in the first filter.
  4. Wait for OnBalance to apply the filter.
  5. Check your balance at the top right of the screen.

If the balance is the same as the amount that you have in your cash account, your balance is validated. If not, you will need to audit the transactions listed on the screen until you find what is missing or should not be launched in OnBalance.

It is very important to perform the analyses above before you release the data to your accountant so that you avoid the following problems.

  • Financial information that you add after the release period will not be released to your accountant until the next release.
  • Changes in financial information from already-released periods will be exported to your accountant as notifications, requiring him to proceed with the same adjustment in his accounting data to avoid errors in the accounting documents.