Nanonets

JUNE 27, 2024

Why is it Important to Reconcile your Bank Account? Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. It ensures that the money credited or debited in your bank account matches the money being expended or made. How Often Should You Reconcile Your Bank Statements?

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Nanonets

JUNE 14, 2024

What is Balance Sheet Reconciliation? Balance sheet reconciliation resolves any discrepancies in the financial statements with external documentation so that companies adhere to accounting standards and reflect their actual financial position. These involve a tremendous amount of work to be managed on spreadsheets.

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Nanonets

JANUARY 8, 2024

However, let's understand the manual bank reconciliation process once: Step 1: Gather documents On the bank side, you need the bank statements, outstanding checks, deposits, and any pending transactions. Match the deposits in the two statements. They have to be adjusted as shown in the next steps.

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Nanonets

JANUARY 31, 2024

Month-end close is a widely accepted accounting standard that is aimed at keeping an accurate set of financial records and detecting errors/fraud. Month-end reconciliation is the most important part of the month-end close process. Here is how you can do monthly reconciliation. How to do monthly account reconciliation?

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Nanonets

MAY 8, 2024

  Stripe not only facilitates seamless payment processing but also simplifies the reconciliation process by providing detailed transaction records and integrations with accounting software, ensuring accuracy and efficiency in financial management. 

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Nanonets

JULY 24, 2023

Financial reconciliation is often performed at the end of an accounting period, such as during monthly closings. There are two primary methods of financial reconciliation: document review and analytics review. For publicly traded companies, account reconciliation is not just a good practice—it is a legal requirement.

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Nanonets

JUNE 21, 2023

In the world of finance and accounting, the process of reconciliation plays a vital role in ensuring accurate and transparent financial records. Reconciliation is the act of comparing and matching two sets of data to ensure their consistency and accuracy.

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Nanonets

JANUARY 14, 2024

The two ledgers generally don’t match due to factors such as bank fees, interest, outstanding checks, and deposits in transit. These discrepancies must be accounted for in a bank reconciliation statement to represent the current financial position accurately. This can result in the transaction missing from the statement.

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Nanonets

APRIL 12, 2024

Bank Reconciliation Vs. Book Reconciliation In accounting and financial management, we encounter the terms "Book Reconciliation" and " Bank Reconciliation " These terms are often used interchangeably, leading to ambiguity regarding their meanings. What Is Book Reconciliation?

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Nanonets

JUNE 26, 2024

What Is a Bank Reconciliation Statement? A bank reconciliation statement is a financial document that compares a company's bank account balance to the transactions recorded on its general ledger, often called the "cash books." How to perform a Bank Reconciliation? Identify any interest earned by the company.

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Nanonets

JULY 21, 2023

It includes various accounts that track assets, liabilities, equity, revenue, and expenses. That's where general ledger reconciliation comes into play. In the next section, we’ll delve into how to do a general ledger account reconciliation step-by-step, after which we will discuss the benefits of doing so regularly.

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Nanonets

MAY 8, 2023

Looking to automate accounting processes? Try Nanonets accounting automation software to streamline all your accounting receivable processes. Start your free trial Accounts receivable (AR) is an asset on a company's balance sheet. What is accounts receivable?

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Remote Quality Bookkeeping

JANUARY 22, 2024

For some businesses, these procedures can be as simple as separating business accounts from personal accounts to prevent the commingling of funds or ensuring that more than one person counts all cash deposits. Generally, external audits are conducted by Certified Public Accountants (CPAs).

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Nanonets

MAY 8, 2023

If a customer calls you and asks about their payment, can you see the date it was received and deposited? If not, it may be time to rework your current accounting policies to implement audit trails. For example, your business may establish a trail for accounts payable remittances from start to finish. Be audit ready always.

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Spenmo

NOVEMBER 3, 2022

You can reimburse employees through payroll or direct bank deposit. This end-to-end payables software brings seamless internal spend management, automated bill payments, custom approval flows, and accounting reconciliation into an integrated view. Then, determine your mode of reimbursement.

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Nanonets

DECEMBER 11, 2023

Your accounts payable team – whose main function is to ensure funds are disbursed properly to vendors, business partners, and sometimes customers – processes an exorbitant number of invoices every single week. When done manually, processing an invoice can take days.

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MineralTree

NOVEMBER 10, 2022

Duplicate payments are a huge headache for accounts payable departments and their vendors. In fact, 58% of accounts payable teams were targeted via email scams in 2021. Increased visibility also simplifies account reconciliation. For AP teams, they lead to wasted time and money and strained supplier relationships.

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AvidXchange

MARCH 1, 2024

Accounts Payable Before Automation Rhonda Greene, AvidXchange’s principal solutions consultant, has worked in accounts payable for decades. Account reconciliation Empower staff to assist with reconciling the AP liability account. Outstanding check follow-up Ensure payees have deposited issued checks.

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Nanonets

JULY 21, 2023

To ensure the integrity of financial data, accountants and bookkeepers rely on the general ledger account reconciliation process. This process involves comparing general ledger accounts with supporting documents using reconciliation software to identify discrepancies and take corrective measures.

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