How is the uploaded bank statement for Auto Reconciliation being validated against transactions?

The system validates the amount, debit/credit type, UTR or cheque number, and date to ensure they fall within an acceptable range. If all criteria match, the system automatically reconcile the entry.

Key Features:

1. After the upload, the system will display:

• The number of auto-reconciled entries versus the total entries, along with the number of skipped entries.
• The total value and count of auto-reconciled receipts.

2. Online receipts made via the MyGate app are fully recognized by the software and are auto-reconciled. However, it is recommended to review cheque receipts, as there may be rare cases where two banks have identical cheque numbers.

3. Upon clicking the submit button, the system performs the reconciliation and generates a bank statement copy with additional details, such as:

• Reconciliation status (Reconciled).
• Party (Flat/Vendor).
• Entry details (Receipt number/Voucher No) for matched items.

Notes:

1. Reconciliation will be skipped if no match is found.

2. If multiple matches are found for a cheque number in the bank statement, the system will use the final entry’s bank date for reconciliation.

3. If a single cheque is split into multiple receipts in MyGate, the system will not auto-reconcile them, as the cheque will appear as a single entry with a different amount in the bank statement.