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Bank Reconciliation Software
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What is Bank Reconciliation?
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The process of reconciling (matching) figures from accounting records of your company against those on a bank statement is known as Bank Reconciliation. Here, the balance of a company's accounting ledger should match with the balance of the bank statement.
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Why do you need Bank Reconciliation Software?
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Bank Reconciliation gives you the true picture of the difference in your accounting ledgers and the bank statement. When a company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company's general ledger and vice versa. This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, or bank reconciliation.
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The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company's books) is consistent with the amount of cash shown in the bank's records.
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Bank Reconciliation Software Benefits
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- Track cash information
- Ensure bank statements and company statements are synchronized
- Serves as a basis for deposit in transit and outstanding checks
- Reports Bank Statement errors
- Point-in-Time Balance inquiry
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Bank Reconciliation Software often integrates with:
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- General Ledger
- Receivables control
- Expenses and purchase control
- Cash Flow Management
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Functionalities that is included in Bank Reconciliation Software module:
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- It works with both single and multiple bank accounts.
- It post deposits from accounts receivable and cash receipting systems.
- It processes inter-bank transfers along with interest income.
- All bank charges are recorded during reconciliation process and the cash transactions are clearly identified by source type for audit purposes.
- It inquires transactions by checks, bank charges, interest, void, manual, outstanding, paid, check number, date.
- Standard reports are available and they can be customized.
- The system generate a bank register, missing check report, outstanding check report and completed bank reconciliation report.
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