There are times when your financial records may not be the same as the transactions that appear on your business's bank statements. Bank reconciliation simply means that you’re comparing these records and identifying the differences between the two. It helps to keep finances accurate and reduces human error.
You can match cash accounts with bank statements through bank reconciliation software. This helps you to stay compliant and ensure accurate finances. You can also save time with Sage bank reconciliation accounting software. Automatically connect your bank to Sage Accounting to use a direct bank feed or import bank statements. And get a complete view of your finances anytime.
You can use bank reconciliation software to:
Yes. You can use bank reconciliation free of charge through Sage Accounting.
Yes. The best way to complete your bank reconciliation quickly and minimize errors is to use software that automates the process, such as Sage Accounting.
By connecting your bank accounts, your transactions will automatically populate in Sage Accounting. You can then set up rules to automatically match these transactions.
You can prepare your bank reconciliation by comparing your cash account records from your business to your bank statements. If the ending balance in your company's cash account is equal to the ending balance on your monthly bank statement, the accounts are reconciled.