Bank reconciliation
Also known as: reconciliation, bank statement, mutabakat
Definition
Comparing the bank balance and transactions in the management's records with the bank's account statement and explaining any differences.
Reconciliation checks whether every incoming and outgoing transaction on the bank statement has a counterpart in the ledger. Transfers without a description, unrecorded bank charges or collections entered twice come to light during this process.
Regular month-end reconciliation makes the auditor's job easier and prevents “I paid but it doesn't show up” disputes with residents. When no differences remain, the bank balance in the ledger equals the balance reported by the bank.
In CasaX
Through its BankSocket connection, CasaX imports bank transactions at regular intervals; transfers whose unit code, sender IBAN and amount match are automatically recorded as collections, and transactions it cannot be sure about are sent for your approval along with the reason.
This content is for general information only and is not legal or financial advice. Legislation may change; consult a professional about your specific situation.