Is Categorising Entries in Zoho Books Enough?
Updating bank accounts is possible through bank feeds or uploading bank statements. After this, categorise the transactions as per the transaction type. At the same time is possible to create manual entries. Matching manual entries with the transactions uploaded is mandatory. However, there may still be differences in the bank balance and book balance.
Last Modified – 2020-09-02 10:18:07
Table of Contents
- Is Categorising Entries in Zoho books Enough
- What is a Bank Reconciliation
- What happens when you have completed reconciling the bank?
- Edit reconciled entries in Zoho Books?
Making entries through cheque books and pay in slips? Reconcile your bank accounts.
You’ll need to reconcile your bank account when passing entries through cheque books and pay in slips. It is also necessary when you pass manual transactions in the books. While passing manual entries, the date can be different from the bank date. In such cases, there will be differences between the book balance and bank balance. A bank reconciliation is necessary to keep track of the funds. It is always recommended to categorise and reconcile the transactions in the bank.
What is a Bank Reconciliation?
A bank reconciliation is a form of controls over the receipt and payment of funds through bank. Reconciling the bank account at regular intervals is a good accounting practice. This ensures that a company’s cash records are correct. Otherwise, the bank balances and books balances may not match. This could also result in bounced cheques and charges/fees. A bank reconciliation can also detect some types of frauds.
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Reconciling or Categorising Entries in Zoho books
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What happens when you have completed reconciling the bank?
A number of fields in the transactions reconciled are not editable. Editing these fields is not possible once reconciled. The way the entries look also changes in Zoho books . A ticked images/icon also appears in front of those entries in the lists.
Once reconciled, is it possible to edit the transactions?
As mentioned above, editing of a few fields is not possible. However, if you do want to edit these, unreconcile the entries first. Make the changes and then again do the reconciliation.
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