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Bank reconciliation is a process that explains the difference between the bank balance shown in an organisation's bank statement, as supplied by the bank, and the corresponding amount shown in the organisation's own accounting records at a particular point in time.
Such differences may occur, for example, because a cheque or a list of cheques issued by the organisation has not been presented to the bank, a banking transaction, such as a credit received, or a charge made by the bank, has not yet been recorded in the organisation's books, or either the bank or the organisation itself has made an error. In Q6, only Bank Accounts can be reconciled.
Import & Match Bank Statement has been designed in Q6 to provide user a more convenient way to conduct Bank Reconciliations. Q6 will automatically match the transactions based on the matching transaction date and amount.
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