The cashbook reconciliation is an integral part of the General Ledger and allows users to reconcile any General Ledger accounts, such as accruals, prepayments and other contra accounts, as well as standard bank accounts.
Bank reconciliation is undertaken either by drilling down into individual General Ledger accounts and reviewing 'cleared' or 'un-cleared' transactions as appropriate or using importing bank statements that have been downloaded directly via CSV from various banking products.
Automation removes effort
The automatic bank reconciliation will approach the reconciliation of transactions by attempting to match a number of key conditions such as transaction date, payment reference and amount. This will leave the user with the task of reconciling only the items that could not be matched exactly by the automated process - i.e. the exceptions.
A standard bank reconciliation report is provided, enabling a user to base the report on criteria such as last transaction date and bank statement balance.
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