Overview

Generally, Bank Reconciliation is done to ensure reconciliation between the Balance of Ledger to the Balance of Bank and difference arising could be referred as Unpresented, Uncleared and Unrecorded Transactions which are identified, categorized and accounted for accordingly.

 

I have made a model which first reconciled any Payments or Deposits with it's unique key which is common in both Bank Statement and Ledger.

 

In case of Bank Transfers or Real Time Gross Settlement, bank does't provide any unique which creates hassle to reconcile it with Ledger and where transactions are 1000+, it becomes nightmare to reconcile it. I have allowed model to trace where transaction not being reconciled in its first phase, which is reconciliation through its unique, then it will self create Transaction Key which is a combination of Head Count, Nature of Transaction i.e Payment or Deposit and the Amount in both Bank Statement and Ledger and reconcile it.

 

It has reduced Manual Intervention to Zero and it only require Bank Statement and Ledger to be pasted to a specified area.

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