The company has consolidated the Exchequer finance software into its CRM and eCommerce platforms in order to manage projected annual sales growth of 50% and streamline cash collection and bank reconciliation
Cloud software and smartphone/ tablet applications packages like Xero offer a multifunction service including bookkeeping, invoicing, bank reconciliation
and payments online," Mr Owens said.
This course serves as an introduction to computerised bookkeeping using Sage Line 50, it is a ten week course learning the basics of computerised bookkeeping including inputting sales invoices, purchase invoices and credit notes, making bank payments, receiving bank receipts and preparing bank reconciliation
Such a solution ensures efficient and seamless processing of payments, eliminates paper-based bank reconciliation
, and reduces overall accounts payables and receivables costs.
Revenue functions that should be segregated are approval of customers and sales, billing, accounts receivable recording, opening the mail, receipting, cash receipt journal recording, depositing and bank reconciliation
Sample Monthly Bank Reconciliation
Statement (Reconciled bank statement with cash receipts and disbursements journal)
Other new features include improved bank reconciliation
, more efficient check printing, and the ability to inactivate multiple vendor records.
The accounting clerk found the unopened BB&K bank statements with the bank reconciliation
file (containing the previous bank reconciliations
) on top of the accounting manager's desk.
Signing checks and going over the bank reconciliation
should not require a major time investment.
Another new feature is the Bank Reconciliation
Process, which performs all banking functions, from reconciling checks and deposits to fees and other transactions on the bank statement.
- the process by which differences contained in bank statements and the cash accounts are settled - had not taken place.
4 Have a copy of the bank reconciliation
distributed with the monthly internal financial statements.