What is Bank reconciliation?
Bank reconciliation matches the transactions in your books against the transactions on your bank statement, so that the two agree and any difference is explained.
Bank reconciliation matches the transactions in your books against the transactions on your bank statement, so that the two agree and any difference is explained.
In Bangladesh
With collections arriving through cash, bank transfer, mobile financial services and courier cash on delivery settlements, the bank line rarely matches an invoice one to one. Reconciliation is what keeps that mix honest.
An example
A month shows BDT 2.3 lakh of counter takings recorded as cash, while the bank shows a series of mobile financial service credits on different dates. Recording each rail separately is what lets the two be matched at all.
In SORS ERP
SORS ERP imports bank transactions and reconciles them against recorded receipts and payments, with bank accounts, transfers and payment methods held per account.
Also called
- In Bangla
- ব্যাংক সমন্বয়
Questions
Answered plainly, including where the answer is no.
How often should I reconcile?
Monthly is the minimum and weekly is better where cash on delivery settlements and mobile money are involved, because the further back a difference sits the harder it is to identify.
See SORS ERP running on your own numbers
A 30-minute demo in Bangla or English, with your products, your VAT setup and your questions.