New Feature: Bank Reconciliation
Working along side with accountants here at CheqBook, bank reconciliation came up as an urgently needed feature. Today we rolled out this feature that have found to save a lot of time for accountants as well as business owners. Bank reconciliation is the process that explains the difference between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the CheqBook.
CheqBook automatically downloads your bank transactions, but there are many possible reasons, such as outstanding checks, why the balance in the bank statement could be different from that in CheqBook.
To do a bank reconciliation traditionally involves the time consuming process of comparing transactions one by one between the statement and the account record. However, in the case of CheqBook, we’ve found a quicker way. For more information, check out our FAQ below.