Bank Reconciliation with TeamBook: A Complete Guide

Bank reconciliation is a critical financial process that ensures your team's bank account records match the transactions recorded in TeamBook. Whether you reconcile daily, weekly, or monthly, this guide will help you maintain accurate financial records and catch any discrepancies before they become problems.

What is Bank Reconciliation?

Bank reconciliation is the process of comparing your team's bank statement with your TeamBook transaction records to identify differences, errors, or missing entries. This process helps ensure that:

• All bank transactions are properly recorded in TeamBook
• TeamBook transactions accurately reflect actual bank activity
• Any discrepancies are identified and resolved quickly
• Your team's financial records remain accurate and audit-ready

Before You Begin

Prerequisites

Before starting your bank reconciliation, ensure you have:

1. Access to your team's bank account - Online banking or monthly statements
2. TeamBook admin access - Ability to view and edit transactions
3. Recent bank statement - Covering the period you're reconciling
4. Transaction receipts - Any supporting documentation for recent expenses

Setting Up Your TeamBook Categories

Make sure your TeamBook budget categories align with how you want to track bank transactions:

• Revenue categories - Registration fees, fundraising, donations
• Expense categories - Equipment, travel, facility costs, insurance
• Consider creating specific categories for bank-related items like fees or interest

The Bank Reconciliation Process

Step 1: Gather Your Documents

For Your Bank Account:

• Download your bank statement for the reconciliation period
• Note the starting and ending bank balance
• Have access to online banking for real-time verification

For TeamBook:

• Log into your team's season dashboard
• Navigate to the Transactions section
• Have your transaction list ready for the same period

Step 2: Compare Starting Balances

1. Identify your starting point - Use your last reconciliation date or season start
2. Note the bank balance from your previous reconciliation
3. Check TeamBook balance - Review your transaction running balance
4. Document any differences - These may be from previous reconciliation issues

Step 3: Match Transactions

Go through each bank transaction and find the corresponding TeamBook entry:

For Bank Deposits (Money Coming In)

Bank Statement	TeamBook Action
Registration payment	✓ Should match an existing transaction with player name
Fundraising deposit	✓ Should match revenue category transaction
Donation or sponsorship	✓ Should match revenue category transaction
Interest earned	➕ Create new revenue transaction if not recorded
Refund received	➕ Create new revenue transaction with description

For Bank Withdrawals (Money Going Out)

Bank Statement	TeamBook Action
Equipment purchase	✓ Should match expense category transaction
Travel expense	✓ Should match expense category transaction
Facility rental	✓ Should match expense category transaction
Bank fees	➕ Create new expense transaction
Insurance payment	✓ Should match expense category transaction
Refund issued	➕ Create new expense transaction

Step 4: Identify Discrepancies

Common discrepancies you might find:

Transactions in Bank but Not in TeamBook

• Bank fees - Often overlooked in manual entry
• Interest earned - May not be regularly recorded
• Automatic payments - Recurring expenses that weren't manually entered
• Refunds - Both issued and received refunds

Transactions in TeamBook but Not in Bank

• Pending transactions - Checks written but not yet cashed
• Scheduled payments - Future-dated entries
• Cancelled payments - Transactions that were reversed
• Timing differences - Weekend deposits processed on Monday

Amount Differences

• Stripe processing fees - Online payments may show net amounts
• Bank fees - Deducted from deposits
• Currency rounding - Minor differences in cash handling

Step 5: Record Missing Transactions

For each bank transaction not in TeamBook:

1. Navigate to Transactions in your TeamBook dashboard
2. Click "Add Transaction"
3. Select the appropriate category (revenue or expense)
4. Enter the exact amount from your bank statement
5. Use the bank transaction date
6. Add a clear description - Include reference numbers if available
7. Attach receipts if available
8. Save the transaction

Step 6: Adjust Existing Transactions

For transactions that exist but have incorrect amounts or dates:

1. Find the transaction in your TeamBook list
2. Click to edit the transaction
3. Update the amount to match the bank statement
4. Adjust the date if necessary
5. Add notes explaining the correction
6. Save the changes

Step 7: Handle Timing Differences

Some transactions may be legitimate but show timing differences:

Outstanding Checks

• In TeamBook but not yet cleared the bank
• Action: Note these for next reconciliation period
• Consider: Contact payees for large outstanding amounts

Deposits in Transit

• Deposited but not yet showing in bank account
• Action: Verify deposit with bank if older than 2 business days
• Consider: Check for any deposit holds or issues

Step 8: Final Balance Verification

After recording all adjustments:

1. Calculate adjusted bank balance:

   • Bank statement ending balance
   • Plus: Deposits in transit
   • Minus: Outstanding checks
   • Equals: Adjusted bank balance

2. Check TeamBook balance:

   • Review your transaction list running balance
   • This should now match your adjusted bank balance

3. Document discrepancies:

   • Any remaining differences need investigation
   • Check for data entry errors
   • Verify transaction dates and amounts

Reconciliation Frequency Best Practices

Daily Reconciliation

Best for: Teams with high transaction volume or tight cash flow

• Pros: Catch errors quickly, maintain real-time accuracy
• Cons: Time-intensive, may be overkill for smaller teams
• Recommended: Use online banking alerts for large transactions

Weekly Reconciliation

Best for: Most active sports teams

• Pros: Good balance of accuracy and efficiency
• Cons: Requires consistent weekly commitment
• Recommended: Choose the same day each week (e.g., Sunday evenings)

Monthly Reconciliation

Best for: Teams with lower transaction volume

• Pros: Less frequent time commitment
• Cons: Errors may compound, harder to remember transaction details
• Recommended: Reconcile within 3 days of receiving bank statement

Common Reconciliation Challenges

Challenge: Large Volume of Small Transactions

Solution:

• Group similar transactions (e.g., multiple registration payments)
• Use batch processing for recurring items
• Consider creating summary transactions for fundraising events

Challenge: Multiple People Making Purchases

Solution:

• Establish clear expense reporting procedures
• Require receipt submission within 48 hours
• Use the external reference field for reimbursement tracking

Challenge: Seasonal Transaction Patterns

Solution:

• Expect heavy registration periods at season start
• Plan for equipment purchases before competitions
• Budget for seasonal insurance and facility payments

Challenge: Online Payment Processing

Solution:

• Understand Stripe fees are deducted automatically
• Match net deposits to gross TeamBook transactions
• Create separate transactions for processing fees if needed

Troubleshooting Common Issues

Issue: Bank Balance Doesn't Match TeamBook

Check:

• Outstanding checks and deposits in transit
• Bank fees not recorded in TeamBook
• Timing differences between transaction and bank processing dates
• Previous reconciliation errors carrying forward

Issue: Duplicate Transactions

Check:

• Same expense recorded manually and from bank import
• Multiple people entering the same transaction
• Refunds recorded as separate transactions instead of adjustments

Issue: Missing Transaction Details

Check:

• Bank statement descriptions for vendor names
• Receipt copies for accurate amounts
• Team member expense reports
• Credit card statements for additional detail

Best Practices for Ongoing Success

1. Establish Consistent Procedures

• Use the same reconciliation process each time
• Document your specific steps for team transitions
• Train multiple team members on the process

2. Maintain Good Records

• Keep receipts organized and accessible
• Use consistent description formats in TeamBook
• Attach receipt images to transactions when possible

3. Monitor Key Metrics

• Track reconciliation completion time
• Note recurring discrepancy patterns
• Monitor bank fee trends

4. Plan for Seasonal Variations

• Expect higher transaction volumes during registration
• Budget for seasonal equipment and travel expenses
• Plan reconciliation schedules around busy periods

5. Regular Account Reviews

• Review category budget vs. actual monthly
• Identify spending pattern changes
• Adjust budgets based on actual activity

Tools and Resources

Within TeamBook

• Transaction reports - Filter by date range and category
• Budget variance reports - Compare planned vs. actual spending
• Receipt attachments - Upload and organize supporting documents
• Activity logs - Track who made changes and when

External Tools

• Online banking alerts - Set up notifications for large transactions
• Receipt scanning apps - Digitize paper receipts immediately
• Spreadsheet templates - Create reconciliation worksheets if needed

When to Seek Help

Consider getting additional support if you encounter:

• Persistent reconciliation differences that can't be explained
• Complex Stripe payment scenarios requiring technical understanding
• Large volume transactions that are overwhelming manual processes
• Audit requirements that need professional accounting guidance

Conclusion

Regular bank reconciliation is essential for maintaining accurate financial records and ensuring your team's money is properly tracked. Whether you choose daily, weekly, or monthly reconciliation, consistency is key to success.

Remember that TeamBook provides the tools to record and categorize your transactions, but the reconciliation process ensures this data accurately reflects your actual bank activity. By following this guide and establishing regular reconciliation habits, you'll maintain financial accuracy and catch any issues before they become problems.

Start with a simple weekly reconciliation schedule and adjust the frequency based on your team's transaction volume and complexity. With practice, the process becomes routine and provides valuable insight into your team's financial health.

Need help with specific reconciliation scenarios? Contact our support team or visit our help center for additional resources and troubleshooting guides.