Bank reconciliation in Adfinity
French accountants are well aware that bank reconciliation, carried out at the end of each period, can quickly prove to be tedious and costly in terms of time. The module for the management of cheques and bills developed in Adfinity considerably reduces the time needed for this operation.
First of all, what is bank reconciliation?
Bank reconciliation is a check, carried out by the accountant, which aims to bring the bank accounts as close as possible to the reality of account statements, that is to say to check that the two accounts agree with each other (the bank account and the bank statement).
This operation is necessary because the cheques and bills received are directly entered in the accounts even if the money has not yet arrived in the bank account.
Therefore, it must be checked that the financial transaction represented by this cheque/bill has in fact been carried out and that the money is therefore present in the bank account.
The management of cheques/bills and bank reconciliation in Adfinity
The module for the management of cheques and bills in Adfinity enables users to enter cheques and bills when they are received.
Then, the generation of a separate operation will allow the client invoice connected to this cheque/bill to be cleared and to transfer the amounts to a “suspense account”.
The reconciliation of this suspense account with the financial account will then be done once the transaction is actually present in the account statement.
Bank reconciliation is therefore largely facilitated since each account used in this process identifies the status of the invoice:
- client account: open invoice
- suspense account: cheque/bill received for this invoice
- financial account: cheque/bill processed by the bank for this invoice
In this way, it is therefore very easy for the accountant to check that the bank account and the account statements match up using the bank reconciliation status included in Adfinity.
