Reconciling Your Bank Accounts

Applies to:Owner, Admin

Reconciling confirms that what HOA Hub thinks is in your bank account actually matches what the bank says. Do this once you get each monthly statement.

Go to Accounting → Reconciliations. Every bank account gets its own row, showing the date it’s reconciled through — Operating Cash and Reserve Cash to start with, plus any other bank account you’ve added to your chart of accounts. Each one reconciles separately against its own statement, and its past reconciliations are listed under it.

Start a reconciliation

Click Start reconciliation on the account’s row, and enter the Statement date and Statement ending balance from your bank statement. The statement date must be after the date the account is already reconciled through.

Only one reconciliation can be in progress per account at a time. Your checkmarks save as you go, so if you need to step away, click Resume to pick back up where you left off.

Clear transactions

The workspace shows every transaction on that account, dated on or before the statement date, that no finished reconciliation has cleared yet. Money in is listed under Deposits and money out under Payments. Check off each one as you find it on your statement:

• Select all / Clear all on either list to move faster
• Turn on Show transactions after statement date if you want to clear something that posted a little later than expected

Record bank fees and interest

If your statement shows a bank fee or interest payment that isn’t already in HOA Hub, click Record bank fee / interest in the Adjustments section. Choose Bank fee or Interest, enter the amount and date, and click Record. This posts the adjustment for you and automatically marks it cleared — no need to leave the reconciliation to do it.

A bank fee posts to your Bank Fees account. For interest, pick the Income account it belongs in — for example, Interest Income for your operating account or Reserve Interest Income for reserves. The next time you record interest on the same bank account, the account you used last is already selected.

If you use departments, you can also choose one. It starts on the bank account’s department.

To take an adjustment back, click the ✕ beside it. That reverses its entry.

Finish

The totals at the bottom work down from Beginning, plus cleared deposits and minus cleared payments, to the Cleared balance, and compare it with the Statement ending balance. Once the Difference hits zero, HOA Hub shows Balanced — ready to finish. Click Finish and confirm to lock the reconciliation in as a permanent record.

Board review

If your community wants a second set of eyes, go to HOA → Settings → Accounting and turn on Require board review of bank reconciliations. Only Owners and Admins can change this setting.

With review on, a finished reconciliation shows Pending review until someone other than the person who finished it opens it and clicks Mark reviewed. Board Members are notified when one is ready, and Owners, Admins, and Board Members can all mark it reviewed. Its status then changes to Reviewed.

Review doesn’t hold anything up: a reconciliation that’s pending review already counts as reconciled, and the next month can start.

If something’s off

• Discard is available while a reconciliation is still in progress, and removes it so you can start fresh. Bank fees and interest you recorded during it stay posted, so remove them with their ✕ first if you don’t want them
• A finished reconciliation can be reopened if you catch something after the fact, but only the most recent one for that account. Click it in the history list to open its report, then click Reopen. It returns to in progress with its checkmarks kept, and any review on it is cleared

Where to go next

• Need to record a deposit before reconciling? See Recording Income and Deposits.
• Adding another bank account to reconcile? See Setting Up Your Chart of Accounts.
• Tracking interest and fees by cost center? See Departments.
• Curious how it all rolls up? See Reports.