Bank Reconciliation Software
Automate 95% of your bank reconciliation while reducing workload by 50% with our Bank Reconciliation software.
Automate reconciliations between bank statements and general ledger data. Cashbook’s sophisticated matching rules fully automate bank and credit card statements. Auto-create general ledger entries and use tolerance based write-offs. One central, reliable, trusted software platform powering bank reconciliation automation.
- Data mapping from your ERP comes in. Cashbook brings in general ledger entries relevant to a bank account. Exchange rate information & Period tables are also imported.
- Cashbook loads banking data from bank formats such as BAI, MT940, CAMT and file formats like CSV, TXT, XLS, XML, EDI.
- Users have flexible reconcilers for auto-matching bank to ledger data automatically. We have incredible matching capabilities which we tweak in every project to get your match rate up to 95% automation. We store within Cashbook Bank & GL balances by day/week/month to guide cash management.
- Users can also adopt our auto cash application module to facilitate automation from a bank statement to specific general ledger codes for items such as sweeps, bank fees and transfers.
Streamlining Your Bank Reconciliation Process with Automation
Bank reconciliation is a critical process for any business, ensuring that the transactions recorded in your financial statements match those in your bank account. While essential, this task can be time-consuming and prone to errors, leading to potential financial discrepancies and wasted resources. However, with the advancement of technology, Cashbook being a dedicated accounting software company, we offer automated solutions that can transform your bank reconciliation process, saving you time and reducing errors.
Understanding Bank Reconciliation
Bank reconciliation involves comparing your company’s internal financial records with bank statements to ensure they are in agreement. This process helps identify any discrepancies, such as unrecorded transactions or bank errors. While it might sound straightforward, it often involves sifting through numerous transactions, matching each one, and resolving any differences. This process can present a number of challenges for a finance team.
ABOUT
The Cashbook Bank Reconciliation software module allows for reconciliation between your ERP system and your bank account. It enables companies to reconcile bank account transactions from their general ledger control account with ERP data that has hit their bank account. All relevant banking data is reconciled through one central reliable tool. Quick, easy, affordable. Functionality that allows for unpresented items to be “carried forward” to the next reconciliation, allowing you to balance and close the current reconciliation. Data from your general ledger files is compared directly to your bank statements and auto-matching takes place. Our Bank Reconciliation automation software module has a powerful matching engine that is based upon rules defined by your finance department. Allows users to automate the process of reconciling transactions with one of the very best software tools for bank account reconciliation on the market.
- Comprehensive solutions tailored to meet the specific needs of any business.
- Automation of the bank reconciliation process through seamless integration with the ERP system to pull in data.
- Automatic matching of transactions from bank statements with accounting records, flagging discrepancies for review.
- A user-friendly interface in Cashbook that simplifies management and monitoring of reconciliation and cash management processes.
Features
A Global Solution
Multi-bank, multi-ERP, multi-site, multi-currency
Cashbook’s automated bank reconciliation software provides a multi-currency, multi-site solution that can be deployed across multiple environments and ERP systems. Such integration brings huge efficiencies and massive cost savings as your company can now employ a single reconciliation platform across multiple sites, banks and bank accounts. Improve Treasury visibility on business cashflow.
Intelligence & Automation
An unprecedented level of flexibility, intelligence and automation
Our bank account reconciliation software auto-reconciles General Ledger and Bank Statement items. It’s statement-only functionality allows automatic generation of journals in Cashbook for bank charges, interest, etc. Unpresented cheques and unpresented lodgements enable unreconciled items to be rolled-over at period end into future reconciliations. Unreconciled items and amounts are totalled and displayed through the software.
Financial Control
Full, real time visibility and a complete audit trail
Bank Reconciliation can be performed on a daily, weekly, monthly or other periodic term. The Cashbook reconciliation module contains ‘search’ and ‘sort’ functionality to reconcile data from the bank or the cash sides of the reconciliation. Matched transactions can be reviewed and reversed should incorrect references be chosen. Tolerances and write-offs are available. Over 8 different reports exist for audit purposes. Audit trails of date and time and journal actions are also displayed via the bank reconciliation software module.
