Bank Reconciliation Software

What is Bank Reconciliation?

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.

Why do you need Bank Reconciliation Software?

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.

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.

Bank Reconciliation Software Benefits

• 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

Bank Reconciliation Software often integrates with:

• General Ledger
• Receivables control
• Expenses and purchase control
• Cash Flow Management

Functionalities you may need in the Bank Reconciliation Software module:

• Does it work with single bank account or multiple bank accounts?
• Can it post deposits from accounts receivable and cash receipting systems?
• Can it process inter-bank transfers?
• Can it process interest income?
• Does it record all bank charges during reconciliation process?
• Are the cash transactions clearly identified by source type for audit purposes?
• Can it inquire transactions by checks, bank charges, interest, etc.?
• Can it inquire checks by void, manual, outstanding, paid, check number, date?
• Are there any standard reports with the system?
• Can the reports be customized?
• Does the system generate a bank register?
• Does the system generate a missing check report?
• Does the system generate an outstanding check report?
• Does the system generate a completed bank reconciliation report?