Introduction
In bookkeeping, bank reconciliation is the process by which the bank account balance in an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined and, if appropriate, rectified.
BizGaze’s “Bank reconciliation app” ensures accurate financial reporting, detects fraud and errors, maintains accurate bank balance, and improves cash management. Ultimately, it helps businesses to make informed financial decisions, maintain healthy financial records, and ensure compliance with accounting and tax regulations.
Stages Workflow
The default stages workflow of the Bank Reconciliation app:
| Stage Name | Description |
| Active | The bank is fully operational and conducting its regular banking activities. |
| Inactive | A temporary stage where the bank is not actively operating or providing its usual banking services. |
| Deleted | The bank has been permanently closed, dissolved, or removed from the banking system. |
Portlets & Widgets
A layout view defined by the individual functionalities are called portlets and each functional data is designed and viewed as widgets. The default portlets and widgets are as follows
Details
This section contains the summarized amount details of bank reconciliation, Ledger balance, bank balance and unreconcile bank balance amount.
| Field name | Description |
| Ledger Name | Name of the Ledger account is displayed. A ledger is a book containing accounts to which debits and credits are posted from books of original entry. The ‘Ledger Name’ refers to the specific title of that account. |
| From Date | Displays the from date of the Ledger Account. From “Date” refers to the beginning of a fiscal quarter, the start of a fiscal year, or the beginning of a specific period in which transactions are being reviewed. |
| To Date | Ledger account to date that needs to be reconciled will be displayed. The “To Date” is the end date of the period being reviewed or examined |
| Field name | Description |
| Ledger balance | Ledger balance available in the account. User can click on the hyperlink at the top right, which displays detailed data of ledger transaction reports |
| Reconcile Ledger balance |
Displays the reconciled ledger amount that matched with the uploaded bank statement entries. Reconciling an account means accurately verifying its balances against the evidence substantiating the amounts. User can click on the hyperlink at the top right, which displays detailed data of Reconcile Ledger Balance |
| Unreconciled ledger balance | It refers to the amount of money that is still outstanding in the company’s ledger account and has not been matched or reconciled with the transactions recorded in the bank statement. It means during a transaction the amount that doesn’t get “checked” off during the reconciliation process. User can click on the hyperlink at the top right, which displays detailed data of Unreconcile Ledger Balance |
| Statement Bank balance | Displays the uploaded Bank Statement Balance amount. |
| Reconcile Bank Balance | Displays the reconciled Bank Statement amount that matched with the Ledger entries. |
| Unreconciled Bank Balance | It refers to the amount of money that is still outstanding in the bank statement and has not been matched or reconciled with the transactions recorded in the company’s ledger account. |
Uploaded Statements
This section contains and displays the details of the bank statement that was uploaded to the system
| Field name | Description |
| Imported By | Shows the name of the user who uploaded the bank statement to the system. This information can be useful for tracking who uploaded the statement and when, and for resolving any issues related to the statement. |
| Date | Displays the date and time of the Uploaded statement |
| Imported Count | Displays the count of the uploaded Bank Statement Entries |
| Error | Displays the Count of the entries that are not uploaded to the system due to any error. |
| Import Status | Displays the status of the Bank Statement Upload |
| Download | The Uploaded statement can be downloaded by using this feature |
| Description | Comments or short notes about the reconciliation of bank account is displayed |
Activity Log provide users with essential information, notifications, and real-time updates to keep them engaged and informed about key activities in apps related to updates, notifications, and stage changes.
| Field name | Field Description |
| Comments | User can write short notes or comments about the Bank reconciliation |
| Audit | |
| Created Date | Date when the Bank reconciliation is created |
| Created By | Name of the person who created the Bank reconciliation |
| Last Updated Date | Displays the time and date of the most recent modifications. |
| Last Updated By | Name of the person who last updated the stage |
| Status | Displays the current status of the Bank reconciliation |
| Time-Line | This widget tracks all the activities within the app. |
Reports
A report is a document that presents information in an organized format for a specific audience and purpose. Although summaries of reports may be delivered orally, complete reports are almost always in the form of written documents
- Bank Reconciliation Data