One of the most tedious tasks to do every month is the Bank Reconciliation. Going over the bank statement line by line and checking off what has cleared and what hasn’t, can be tedious. Inevitably, you end up missing an item and have to spend the next hour trying to find it. Of course, you must do it to ensure all the activity that has gone through the bank is properly recorded in your books and nothing strange has happened. And if you have multiple accounts and credit card activities, it can become a nightmare.
Automated processes you can get rid of all the tedious tasks and just focus on the few exceptions that need to be manually reviewed. Here's how to do a bank reconciliation in 3 minutes with Gravity Software's cloud accounting solution.
Bank transaction download
First, use Gravity's bank transaction download function to automatically download your bank’s activity every night. Gravity talks to over 16,000 financial institutions in the US. All you have to do is connect Gravity to your bank one time. Gravity does not store any sensitive information like login IDs or passwords. It stores an encrypted token that is securely transmitted to a bank aggregator. No worries about security.
Automatic check reconciliation
Second, you can turn on Gravity’s automatic check reconciliation process. If the check number and check amount agree, and if the bank posting date is within 30 days of the Gravity posting date the check will automatically reconcile (You can set the time period to any length that you want). This solves the bulk of the transaction activity.
Recurring transactions
Third, you can set up bank rules for recurring or known transactions. For example, you can say, if the transaction contains the words “Service Fee” and the amount is below $100, then automatically make an entry to Gravity to record and reconcile it. You can set up rules to handle automatic withdrawals like loan payments or record wire transfers from customers.
So, what’s left to do? Deposits and unusual activity. Using the Gravity Matching Screen, you can quickly match downloaded deposit transactions to recorded deposits in seconds. Now you can spend your 3 minutes handling any exceptions and you’re done. A painless 3-minute bank reconciliation
When it comes to a cloud-based accounting solution, consider Gravity Software. Built on the Microsoft Power Platform (aka Dynamics 365 CRM), Gravity is structured to help manage and efficiently operate your business. You can reduce those dreaded overhead costs while increasing operational efficiencies across the board.
Gravity fills the gap between entry level accounting software like QuickBooks and expensive enterprise applications like Sage Intacct. Learn more and schedule your online demo today! My business is connected. Is yours?
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