According to a survey, more than 30% of businesses have made errors in their bank reconciliations due to manual data entry. If these errors are not corrected in time, they can lead to bigger problems during tax filing procedure. In this article, we will introduce the bank reconciliation format and discuss the process of bank reconciliation, the significance of reconciliation statement and common errors.
Don't want to do manual reconciliation? To reduce the cost of reconciliation for merchants, KPay has introduced two powerful auto-reconciliation features to speed up reconciliation, minimise manual errors, and improve accounting efficiency. Be sure to read till the end for details and special offers!
Bank reconciliation is the process by which a business ensures that its accounts are correct by comparing its accounting books with its bank statement. This helps a business identify the reasons for discrepancies, such as a dishonored check or a manual error, and make adjustments to the accounts.
A bank statement is a summary of the results of a comparison of monthly bank statements and cash books. A standard bank statement should include the following elements:
Common errors in bank reconciliations:
Bank reconciliation template (Chinese only):
To reduce the cost of merchant reconciliation, KPay has introduced two powerful auto-reconciliation features to speed up reconciliation, minimise manual errors, and increase the efficiency of accounting processing.
POS system auto reconciliation
For merchants using specific POS systems, KPay provides automatic reconciliation function. Merchants simply upload their POS system sales data to the KPay backend, and the system will automatically match the sales data with the transaction history of your KPay smart POS cash register. All reconciliation results can also be viewed through the KPay App, allowing merchants to keep track of the reconciliation status at all times. This helps you to ensure the accuracy of your data and avoid manual errors.
Automatic reconciliation of sales records
KPay App provides automatic reconciliation of KPay account and KPay Smart POS Terminal purchase records, which completely changes the tedious process of traditional manual reconciliation. Merchants can now click “Check Settlement Details” in the transaction records of their KPay account to check the detailed transaction details, eliminating the need to check the paper transaction receipts one by one, which greatly saves time and effort.
New merchant offer: New KPay merchants can enjoy HKD 0 handling fee for the first HKD 30,000 transaction amount, and up to HKD 17,964 additional privileges*!
Free auto-reconciliation: Merchants no longer need to spend a lot of time on reconciliation, which shortens the reconciliation cycle and greatly improves accounting efficiency. Auto Reconciliation reduces the risk of manual input errors and ensures accurate and consistent transaction data.
Simplified operation: KPay App provides one-click access to all postings and transaction details, eliminating the need for tedious manual reconciliation and making financial management easier and more convenient.
Try KPay's payment solutions and enjoy the convenience of fast payment collection and automatic reconciliation, which reduces the burden of daily reconciliation and allows you to focus on business growth!
*Terms and conditions apply
Click 'Started now' below to connect with us and learn more!