Managing Bank Statements

If you are reconciling your cash accounts, you need quick and accurate tools to track third-party records and ensure that they match the transactions recorded in your system. MYOB Acumatica offers you capabilities that ease the processes of importing, tracking, and matching the transactions tracked by other means.

If you are reconciling a bank account, you use a bank statement for the comparison. Because financial institutions offer a variety of online banking services, you do not need to wait for a monthly bank statement to track your banking transactions. You can instead download a list of recent banking transactions in a suitable format when you need them. Frequent importing and matching of bank transactions makes the reconciliation process much easier.

If you are reconciling a cash accounts other than a bank account (for instance, a petty cash account), you can upload the list of amounts confirmed with the cash register receipts or point-of-sale reports and similar reports.

This chapter will help you to understand how to import into the system transactions in various formats tracked by other means, and how to process the transactions further to ease the reconciliation process.