Bank Reconciliation made redundant
Bank reconciliation module is required when banking is still based on cheques issued and received and it takes banks of both sides several days to clear from one bank to the other.
With bank transfer and PayNow, everyone received or pay out from their banks almost immediately.
Cheques will be phased out come year 2026 and there will not be any more unpresented payment or receipts in the cash book.
Many retails are switching to cashless payment, rejecting cash payments that further reduces the issue of bank in date different from the sales date.
In any case where there are payments not cleared in the month that is issued, we always suggest that user change the date to the next month.
There are 2 advantages
- No bank reconciliation needed
- All receipts and payment will be on the exact date supported by the bank statement records in each day.
We will be more confident to reply any queries of any receipts or payments.
In time to come, we foresee that bank reconciliation module will not be found in any accounting software
