Bank Reconciliation – An overview

Introduction

To ensure that the bank book of the company shows the same figures as that of the Bank/PTT statement, reconciliation needs to be done. This process would illustrate the discrepancies between the two and reconciliation would be done. Incorporation of Bank Statement into the system could be done through an upload or manual entry. The reconciliation process could be automatic or manual.

The Company does bank reconciliation, based on the bank statement prepared by the bank and bank book maintained. This bank statement is sent to the company in a particular frequency. It can also be deleted/modified provided no transactions are reconciled.

Bank statement is created for a particular date range for a Bank account Number with the details of opening and closing balances. Each Statement is identified by the statement number that is generated on creation.

Feature Highlights

• Bank statement can be uploaded into the system in the standard file format from Excel. You can reconcile transactions within the bank/PTT statement or within the bank/PTT book in case of a wrong entry.

• Facility of automatic selection of item in bank statement and bankbook. Manual reconciliation of items between the bank statement and bankbook is also supported.

• Facility to unreconcile Bank/PTT transactions that have already been reconciled, in case of any incorrect reconciliation.

• Provision to view the reconciled / unreconciled transactions that are available for the selected bank/PTT statement, as on a given date.

• Facility to trigger an automatic system generated sundry payment voucher for bank charges to be authorized at a later point of time.

• Provision to view, modify and delete bank/PTT statements that have already been keyed in to the system.

List of Activities