Page Comparison

A Bank bank reconciliation is a process that explains the difference between the bank balance shown in an organizationorganisation's bank statement , (as supplied by the bank, ) and the corresponding amount shown in the organizationorganisation's own accounting records at a particular point in time. If your account records does not agree with the bank statement, you must determine where the discrepancy is and make the appropriate corrections.  It is normal for a company's bank balance to differ from the balance as per bank statement due to timing differences. Such timing differences appear as reconciling items in the Bank Reconciliationbank reconciliation. 

Bank reconciliations should be done by date Consecutively consecutively and Periodicallyperiodically.   Please ensure that the last bankrec for the Financial Year bank reconciliation for a financial year is the last day of June - the system will not allow you to extract into the next month. You cannot commence a new bank reconciliation until your current bank reconciliation is balanced and finalised for the Bank Account bank account you are reconciling. The First Bankrec

The first bank reconciliation must represent the Closing Bank Reconciliation closing bank reconciliation from your Old System and Must Balance old system and must balance back to your General Ledger Bank Accountgeneral ledger bank account. For the first time bankrecbank reconciliation, the site will need to provide readysell Readysell with the statement opening date and statement opening balance figure. Readysell will insert this for you as the starting bankrecbank reconciliation. 

Bank Reconciliationsreconciliations are set to compress depending upon what rules have been set up against each tender . Usually Set (usually set up by Readysell at commence of Businesscommencement of business). As well as making it easier to navigate the bank reconciliation, these compressed figures are used to guide the automatic matching and automatic generation features based on the tender and bank reconciliation rules.