Bank Reconciliation

Your accounts are a record of the business activities undertaken in your company, part of the activities are payments into and out of your company. 

In the accounting records of your company is a nominal account (this is an account for your financial records, as opposed to a customer or suppliers account) for each of the bank accounts you have for your company in a bank.

An important activity is to make sure the transactions entered into your accounting records for each bank account are the same as those which go through your actual bank account with your bank.  Differences between the two indicates a problem in either your accounting records or your bank account.

Ticking off the transactions in your Accounting Records to those in your Bank Account

In the bank reconciliation screen the transactions from your bank statement are shown on the left, and those from the accounting records on the right. Simply tick those which are the same (reconcile), and those remaining are queries to be resolved.

See the video below for how to reconcile in ZotaBooks Bank Reconciliation app:

What can I do in the Bank Reconciliation App ?

The bank reconciliation app has lots of functionality, the app allows the following:

  • reconcile one bank nominal account accounting transaction to one bank statement transaction
  • reconcile more than one bank nominal account accounting transaction to one bank statement transaction
  • reconcile one bank nominal account accounting transaction to more than one bank statement transaction
  • reconcile more than one bank nominal account accounting transaction to more than one bank statement transaction
  • un-reconcile previously matched items, thereby making all previously reconciled items available for reconciliation again

The bank reconciliation app also keeps a permanent record of which bank statement transactions reconcile to which bank nominal account accounting transactions.  See the video below:

How many bank accounts can I reconcile ?

As many as you you have setup for the company, we put no limits on what you can do.

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