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What does Bank reconciliation really do? What happens when I load my bank statement?

When a company receives its bank statement, it should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company's Cash account in its general ledger and vice versa.

This process of confirming the amounts is referred to as reconciling the bank statement. The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company's books) is consistent with the amount of cash shown in the bank's records.

There are two methods of reconciling your accounts in Express Invoice

  • Reconcile Account Manually
    • Gather your bank records, then compare each transaction on your bank statement to the ledger. Tick off the entries that match
  • Upload Bank Statement
    • Load your bank statement from a .csv or .ofx file into Express Accounts. Express Accounts will compare your local ledger with the bank statement and will match transactions for reconciliation to save you time.

For additional information on each method, view the Help Manual.

  1. Click the Help button in Express Accounts
  2. Go to the Common Tasks section
  3. Click the Reconcile an Account link


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