What is Bank Reconciliation?

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.

Software with Bank Reconciliation

PRODUCT NAME	SW SCORE (OUT OF 100)	AGGREGATED RATINGS (OUT OF 5)
Xero	98	4.2
Quickbooks	96	4.3
Freshbooks	95	4.3
Wave	94	3.5
FreeAgent	92	4.4
Zoho Books	92	4.6
Qonto	92	3.6
Sage Accounting (Sage One)	89	4.5
Accounting Seed	89	4.5
Kashflow	89	2.6

Related Features

Accounts Receivable

Accounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.

Accounts Payable

Accounts payable include all of the company's short-term debts or obligations. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Billing and Invoicing

Billing and invoicing feature allows you to bill project services directly to customers, employees and external service providers. Invoices can be created based on milestones, partial payments and final payments as well as at cost (time and material). Timesheets required in many industry sectors are generated by the system.

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