Reconciling Accounts

Account reconciliation is the process of comparing your financial records with external records (e.g., bank statements) to ensure they match. This step is crucial for identifying discrepancies, catching errors, and ensuring that financial reports are accurate.

Steps in the Reconciliation Process:

• Compare Transactions: Match transactions recorded in the ERP system with external documents such as bank statements.

• Identify Discrepancies: Flag and investigate any differences between the ERP records and external records.

• Make Adjustments: Correct errors or create adjustment entries to align the records.

Placeholder for Screenshot: Reconciliation tools in Pakk