How to reconcile your bank statement

Download your virtual card transactions to perform statement reconciliation with your issuing bank statement at the end of a fiscal period. 

Step 1: Determine whether your issuing bank uses “Transaction Date” or “Clear Date” on their statement.

The “Transaction Date” is the default date displayed in Extend. You can see which date type Extend is displaying by looking at the header on your transactions list page.

Transaction date is the date that you made the purchase.
Clear date is the date that the transaction is settled, also known as Transaction Settlement Date.

• If your bank statement reflects “Transaction Date”: you’ll want to ensure the “Transaction Date” (default setting) is displayed in Extend.
  
  
• If your bank statement reflects “Clear Date” : you’ll need to change the date shown in Extend to “Clear Date” to ensure an appropriate comparison. You can do this by navigating to the  “Filters” menu and  selecting the “Clear Date” radio button. 

Step 2: Decide which transactions you want to view.  

When viewing the Expenses Transactions Page, a list of all transactions from cards associated with your registered card account will be displayed. If you want to see your own transactions only, you can toggle the the filter to display only your transactions

 

 

Step 3: Enter the appropriate date range for reconciliation: 

You will need to select the date range for which you are looking to reconcile.

Click on the dates below the Date Type header to open a dropdown menu. Use the calendar tool to select the dates for your date range.

Step 4: Download your transaction statement.

Once you have selected your desired date range, you can download your statement by clicking on “Download Options” above the transactions list.

A pop-up message will appear allowing you to download the transaction details as a CSV file and to include any attached receipt documentation, if you so choose.

Note: if you are having trouble downloading these files, pop-up blockers on your web browser may be the issue. Allow pop-ups and try again.

Step 5: Reconcile your transactions.

During reconciliation, you may need to cross-check transactions by comparing amounts, authorization or clearing dates, and other transaction-related details.

The Transaction CSV export from Extend contains valuable metadata about your transactions in one centralized report.

Below is a list of commonly used data fields that are included in the Transaction Export. 

• Registered Card Last 4: The last four digits of the virtual card associated with the transaction.
  
  
• Registered Card Name: The name of the primary card account (as it was registered on Extend) that the virtual card was issued from.
  
  
• Transaction Date: The date of the transaction on the virtual card. Also known as the authorization date.
  
  
• Clear Date: The date that the transaction settled. Also known as the transaction settlement date or posted date.
• Status: The status of the virtual card transaction — Pending, Cleared, Declined, Reversal. Note: If you filtered by “Clear Date,” your CSV file will not contain any “Pending” transactions and will only contain either “Cleared” or “Declined” transactions.
• Pending: Transaction is awaiting the associated clearing record. 
• Cleared: Matching clearing records have been successfully processed, funds are transferred.
• Declined: The attempt to transfer funds failed.
• Reversal: The authorization was canceled/reversed by the merchant. These transactions will not have a related clearing record. 
• Name On Card: The name of the person associated with the virtual card used for this transaction.
  
  
• Settlement Billing Amount: The dollar amount that the virtual card transaction was settled for. This will be the same as the Transaction Amount column.
  
  
• Merchant Name: The name of the merchant where the virtual card transacted.
  
  
• MCC: Merchant Category Code, four-digit number used to classify suppliers into market segments.
  
  
• Reference ID: Unique identifier assigned to each financial transaction.
  
  
• Receipt: Allows users to easily identify which transactions do and do not require a receipt based on their org’s Receipt Rules, will display “Receipt Required” or be left blank.
  
  
• Transaction Receipt: Hyperlink to attached receipt documentation in Extend.
  
  
• Notes: Any notes detailed on the individual transaction.