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What is reconciliation?
Reconciliation on Snap! Spend means to associate a completed transaction with a budget item. Invoice payments are auto-reconciled to the budget item selected when creating an invoice, but other transactions do not auto-reconcile to any budget item. This article will take a look at how to reconcile some items.
Before you begin reconciling, you will want to make sure your budget is accurate and has all the items you need. For more information on budgets, click here.
1. Once a transaction moves to complete, you can reconcile by locating the transaction on the Group Banking page and clicking the three dots on the right-hand side of the transaction.
Reconcile as Income- any transfers in, mobile deposits, or any other kind of transaction where funds are coming into the account.
Reconcile as Expense- any reimbursements, check payments, withdrawals, any funds going out of the account.
2. Select a budget item from the drop-down after clicking the option to either reconcile as income or as an expense. Click "Submit" to save your changes!
To Apply to multiple budget items, toggle the selection on!
Undo or Edit a Reconciled Transaction
1. To edit or undo a reconciled transaction, locate the transaction in the Group Banking page, and click the three dots on the right-hand side. From there, click "View/Edit Reconciled Item".
2. The same popup displayed when initially reconciling will appear. From here you can simply click the dropdown again to change the budget item, or click the red "Undo Reconciliation" to undo completely.
Still have questions or need help? Please reach out to us directly at spend.support@onsnap.com or by phone at 276-531-9260.
Snap! Spend is a financial technology company and is not a bank. Banking services provided by Thread Bank; Member FDIC. The Snap! Spend Visa Debit is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa cards are accepted.
Your deposits qualify for up to a maximum of $2,500,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity.
You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions on the sweep program.