Bank Reconciliation with Numia

The process of tallying the organization's own accounting records with the bank statement is called Bank Reconciliation. This is done on the end of every month and the main objective is to reduce the differences arised between the two records (bank statement and the own accounting statements maintained).

When the process of Bank reconciliation is done regularly and carefully, can reduce error free accounting system.

Reconcile Bank account page of Numia, allows to enter the Bank account details such as Bank interest earned, service charge, etc. A click on the button "Start Reconcile" starts the Bank reconciliation process against the accounting records maintained in Numia. Taking the balance on the bank statement adding the total of outstanding receipts less the total of the outstanding payments, this new value should reconcile to the balance of the accounting records.

Numia, compares your accounting records maintained, with the bank statement. A list is generated showing the outstanding, if any. Make adjustment entries, where ever necessary and finish the reconciliation process.

This process is outsourced in larger organization. But Numia, provides you with quicker, reliable, safer and error free Bank reconciliation.