Bank Reconciliation with the Arithmo Bookkeeping Software Solution
When you are busy running a successful business, it is often difficult to keep track of all transactions going through your bank accounts. Cheques are paid out, money is received and paid into your account and payments are made via direct debit or bank transfer. In all cases, your bank statement should show details such as the amount and date of the transaction.
One way in which you can be confident your business records are in order is by reconciling your bookkeeping to your bank statement. Simply by checking that the amount shown in the statement add up the entries made in your bookkeeping you can verify that all the relevant transactions have been recorded. Not only that, you would be able to ensure your bank statement is correct, with no erroneous entries.
Arithmo includes bank reconciliation software which allows you to perform this function with the minimum of fuss. The straightforward procedure has Arithmo showing the bank transactions as entered, which you then cross reference to your actual bank statement. Once you are satisfied everything adds up, that statement is marked as reconciled.