Bank reconciliation ensures that a company's accounting records match its bank statements each month. Manual reconciliation is tedious and error-prone, requiring hours of clicking through transactions and hunting for discrepancies.
Automation matches bank transactions to ledger entries instantly, flags unmatched items for review, and investigates common causes of variances. The result is faster month-end close and fewer errors.
The full workflow, from trigger to completion.
A new bank statement file is detected in the bank portal or uploaded to a monitored folder.
The automation platform reads the statement file and extracts transaction details (date, amount, description, reference).
The automation queries the accounting software to retrieve all transactions posted in the same period.
The automation compares bank transactions to ledger entries using amount, date, and description, flagging matches and exceptions.
If all transactions are matched, proceed to reconciliation. If variances exist, route them for investigation.
The automation searches for missing transactions, checks for duplicates, and suggests likely causes for unmatched entries.
The automation generates a summary of unresolved discrepancies and posts it to a shared spreadsheet and notification.
Once variances are reviewed and adjustments made, the automation updates the reconciliation status in the accounting software.
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