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HostBooks accounting software automatically suggests transactions that are matching between your bank statements and accounting records, whether it is a travel-related expense or spending on stationery items.
Our AI-based bank reconciliation helps you to match each payment with invoices and automatically categorizes transactions into income and expenses. This enables you to stay informed about business status in real-time.
Our automated bank reconciliation software allows you to connect any number of bank accounts from multiple banks. You can securely import all your transactions after setting up bank feeds.
HostBooks online accounting software empowers you to import and reconcile your bank transactions from anywhere at anytime, allowing you to stay updated about how your business is doing.
With our automated bank reconciliation software, you no longer need to reconcile each transaction one by one. You can select and categorize multiple transactions in one go, especially useful when dealing with past transactions.
Bank reconciliation means matching the transactions in a bank statement with a corresponding cash balance in a business's accounting records. The primary purpose behind this is to make sure that an entity's accounting records are accurate and also make the required changes to ensure accuracy.
It is recommended to reconcile bank transactions at least once every month. On the other hand, for businesses with high-volume transactions or situations with a greater risk of fraud, bank reconciliation should be done more frequently.
First, you will need to add your bank account, either manually or by setting up bank feeds. Alternatively, you can also start bank reconciliation by importing bank statements or importing a spreadsheet containing the statements. Our online accounting software helps you to accurately reconcile your bank transactions, reducing the chances of errors, and detecting the same early on.
In addition to adding multiple bank accounts, HostBooks accounting software allows you to set up bank feeds for multiple banks, making it easier for you to import transactions from several bank accounts.
In case of an unmatched transaction, you can manually select and match it with the appropriate accounting record. Moreover, if the transaction is not found in your books, you can use the cash coding option.