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Chapter 8 | Banking

Reconciling Bank Transactions

The Balance shown in the Bank Ledger of the software and the Actual Balance in the Bank does not tally often.

In most cases, This is due to the following reason:

  1. The time delay on the deposited cheques to be cleared.

  2. The time delay on the issued cheques to hit the account.

  3. Bank charges levied by the Bank.

At the end of every month, it is habitual to do a Bank Reconciliation to ensure that these transaction are accounted and to ensure that the Bank Account shows a true and correct picture.

Now I will show you how a Bank Reconcilation is done using Moiboo Software

  1. Go to reports.

  2. Click Bank Reconciliation Report under Accounting Reports.

  3. Search date and cheque number.

  4. Go to select cheque clearance date

  5. Now Click Reconciliation report

  6. Here you can see the total number of cheques. i.e., Cheque issued, cleared and non cleared .

  7. Finally you can see your "balance as per bank statement".