MadSoft Auto-Bank reconciliation

Auto-Bank reconciliation

As we move towards a more cashless society, and bank transfers become easier, we end up with a greater volume of transactions to track. But more transactions means more time managing your business’s cash flow.

While manual financial reconciliation is often at the mercy of human error, auto-reconciliation is an automated process that takes away the guesswork in the accounting process. Even skilled accountants will waste a lot of time with manual reconciliation as it demands a lot of administration. Auto-reconciliation can process more financial data quicker so that your staff can use their time more efficiently.

MadSoft Auto-Bank reconciliation feature is a cutting-edge technology can significantly speed up the reconciliation process by aligning your bank statement and MadSoft software information and recognizing matching transactions for reconciliation. With the auto-reconciliation feature, you can rest assured that all the relevant financial information is in one place, making accounting and bookkeeping a breeze.

Using this feature is incredibly simple. Just download your bank statement from your bank portal to excel spreadsheet, and upload to MadSoft, next Auto-Bank reconciliation feature will do the rest. It will recognize matching transactions and reconcile them quickly and accurately.

In cases where transactions are found in the bank statement but not in MadSoft, you can manually match these transactions with ease. Simply select the specific withdrawal or deposit transactions and let MadSoft's feature automatically insert them into Payment Voucher and Receipt Voucher. All information, including the description, amount, date, payee name, or beneficiary name, will be inserted automatically. All you have to do is select the posting accounting and save it - no data entry is required!

With the auto-reconciliation feature, user can rest assured that all the relevant financial information is in one place, making accounting and bookkeeping a breeze.

MadSoft Auto-Bank reconciliation feature video