Zoho Books – Tip: Reconcile Your Bank Account

Zoho Books – tip: Reconcile Your Bank Account

Bank account reconciliation is a great way to formally attest to the completeness of the captured information in your company’s general ledger. Reconciliation matches your bank account statements to the account in your general ledger that represents your bank account.

In order to reconcile your bank account in your general ledger, first import your bank statement(s). Upon successful import, proceed to match the existing GL transactions with your bank statement & add & match the others.

When you are satisfied that the transactions have been captured completely (double check the balance in your GL represented bank account & your actual bank account), you will see an option to reconcile your bank account under the “Bank” > “Bank Accounts” section of Zoho Books.

The account will show an orange icon in front of the account name, indicating that there are unreconciled transactions outstanding. By clicking on the icon, you are able to reconcile the imported bank statements with your GL account.
Successful reconciliation changes the orange “recon icon” to a green tick box indicating your reconciled account.

Reconciled accounts tend to give your ledger more credibility, especially in the case of requiring finance, and in turn needing to provide income statement(s) and/or balance sheets for your company.

Luckily these are only one click away with Zoho Books.