Bringing your facility into your accounting software cleanly is mostly a matter of matching three things: money you drew, money you repaid, and the interest charged. Do it monthly and it stays trivial.
The reconciliation, step by step
- Download the statement for the period (CSV is easiest for import).
- Match each drawdown to the credit that hit your bank account.
- Match each repayment to the Direct Debit or transfer that left your account.
- Post the interest shown to your finance-cost account.
- Confirm the closing balance on the statement equals the loan balance in your books.
If something doesn’t tie out
The statement is the document of record — check it against your bank feed first, since timing differences (a payment in transit over a weekend) explain most small gaps. If a figure still looks wrong after that, raise it with us and we’ll check the entry.
Your facility is priced with simple interest and the figures fixed up front on your Key Information Sheet, so nothing here changes what you owe by surprise — it only changes how you view, manage or evidence it.
See also: Using statements to reconcile with your bank, How to read your statement of account, I think there is an error on my statement.