Bank Reconciliation Options
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The Reconcile Bank Account module offers a range of options designed to streamline this process, making it easier for users to manage and reconcile their accounts efficiently. From uploading bank statements, creating journal entries, or searching for specific transactions, these options help to enhance your reconciliation workflow and ensure precise financial management.
Advance Search: This option allows users to search for specific transactions based on various criteria such as amount, payee, transaction type, etc. The advance search feature streamlines the search process, making it easier to locate specific transactions.
: This option allows you to effortlessly search and match system transactions, paving the way for more accurate and efficient account reconciliation.
Refresh Results: The option allows you to refresh the transactions pulled into the module to ensure that the most recent transactions and updates are shown.
Upload Bank Statements: This option redirects the users to the "Upload Bank Statement" module to upload the transactions into the system and complete the reconciliation process.
Multi Bank Reconciliation: This option allows you to search, match, and reconcile transactions in Xoro with multiple bank transactions.
Edit Info: This option allows users to edit the ending balance and the ending date entered when beginning the reconciliation process.
Journal Entry: This option opens up the "Journal Entry" module in "Reconcile Mode" and allows users to create a journal entry for a specific transaction for reconciliation.
Transfer: This option opens up the "Funds Transfer" module in "Reconcile Module" and enables users to transfer funds between accounts or to create a transfer journal entry and reconcile with the transaction.
Bill Payment: If you need to make a payment for a bill that matches a specific transaction, the Bill Payment option is the way to go. This feature redirects you to the "Bill Payment" module, where you can make the payment and reconcile the transaction.
Search Transactions: This option allows users to find specific transactions within the bank account. Users can use various filter criteria, such as payee name, reference number, memo, etc. to locate transactions for review or reconciliation.