Overview of bank reconciliations

What kinds of bank reconciliations can be performed?

Normal bank reconciliation

With this function, you reconcile each bank entry individually. The process is quite straight forward in the sense of being able to just reconcile the entries, but if you have a lot of entries to reconcile each month you might consider rather doing a bank statement reconciliation.

It needs some setup beforehand, but once everything is in place, reconciling becomes less tedious.

To see how to do a normal bank reconciliation, read this guide.

Bank statement reconciliation

With this function, you import a bank statement and reconcile entries that are on the statement in one go instead of individually.

There are however a few things that need to be set up first:

  1. You need to create a bank statement definition, this process enables Fincon Accounting to process the data from the bank statement (CSV file) you need to upload during the bank statement reconciliation process.
  2. You can create automatic linking rules - which is not compulsory, but certainly beneficial. Oftentimes some transactions keep recurring every month on your bank statement, such as rent, bank charges, etc. Automatic linking rules can be set up so that Fincon Accounting knows what to do with the transaction, saving you time and trouble.
To see how to set up a bank statement definition, create automatic linking rules as well as perform the bank statement reconciliation, read this guide.
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