How to Reconcile Your Bank Account in Claify

Bank reconciliation — matching your accounting records to your actual bank statement — is one of those tasks that small business owners either do religiously or avoid entirely until their accountant asks for it.

Claify makes it fast. Here is how.

What is bank reconciliation?

Reconciliation means checking that every transaction in your bank statement appears in your accounting records, and vice versa. It catches:

• Missing invoices you forgot to record
• Duplicate payments
• Bank fees you have not accounted for
• Fraud or errors

In Singapore, keeping reconciled records is important for IRAS compliance, especially at GST filing time.

Step 1 — Export your bank statement as CSV

Most Singapore banks let you download transactions as a CSV file. Here is how for the major banks:

DBS/POSB:

1. Log in to DBS iBanking
2. Go to your account → Transactions
3. Select your date range and click Download (CSV)

OCBC:

1. Log in to OCBC Internet Banking
2. Go to Account Details → Transaction History
3. Click Export → CSV

UOB:

1. Log in to UOB Personal Internet Banking
2. Go to Accounts → Transaction History
3. Select date range → Download as CSV

Step 2 — Import into Claify

1. In Claify, go to Bank Accounts in the sidebar
2. Select your bank account (or create one if it is your first time)
3. Click Import CSV
4. Upload the file you downloaded
5. Claify auto-detects the format for DBS, OCBC, and UOB

Your transactions will appear in the reconciliation view immediately.

Step 3 — Match transactions

Claify's AI automatically suggests matches between your bank transactions and your invoices and expenses. For most transactions, you just confirm the suggestion.

For transactions without a match, you have three options:

• Match to an existing invoice or expense — search by amount or contact name
• Create a new expense — for bank fees, supplier payments not yet recorded
• Mark as transfer — for movements between your own accounts

Step 4 — Review and confirm

Once all transactions are matched or categorised, your reconciliation is complete. Claify updates your:

• Cash and bank balance on the Balance Sheet
• Accounts Receivable (matched to invoices)
• Expense accounts (matched to categories)
• GST input tax (where applicable)

How often should you reconcile?

Monthly is the standard recommendation. Reconciling quarterly is the minimum if your transaction volume is low.

The longer you leave it, the harder it gets. A month's worth of transactions takes about 15 minutes in Claify. Six months takes much longer.

Tips for faster reconciliation

• Set up rules — Claify learns from your categorisations and will auto-categorise recurring transactions (e.g. monthly software subscriptions) over time
• Import every month — do not let transactions pile up
• Use consistent contact names — helps Claify's matching algorithm

Getting started

If you are not yet using Claify for bank reconciliation:

1. Create a free account
2. Add your bank account under Bank Accounts
3. Import your most recent bank statement CSV

There is no setup fee, no trial expiry, and no credit card required. The free plan covers unlimited bank imports.

Start reconciling for free at claify.homeauto.sg →