What is Bank Reconciliation?

Bank reconciliation is the process by which the bank account balance in the MyGate system is reconciled to the balance reported by the actual bank in the most recent bank account statement. Any difference between the two figures indicates mistakes in entries or missing entries that need to be examined and, if appropriate, rectified. 

This is generally a manual process done by accountants. MyGate went one step ahead to automatically reconcile the majority of these transactions in minimal steps using the “Automatic bank reconciliation” module.

To view the mygate bank reconciliation dashboard please go to the Bank Reconciliation option under the Bank Account section in the Account Tab.

In the above screenshot, you can see 2 options for doing reconciliation:

(1) Bank Reconciliation - This module can be used for doing manual reconciliation or bulk reconciliation data upload.

(2) Automatic Bank Reconciliation - This module can be used for automatic reconciliation by directly uploading bank statements and the system takes care of a major part of reconciliation with less effort than manual reconciliation.