Bank Reconciliation

Bank Reconciliation

Insight Legal has inbuilt bank reconciliation functions to enable quick and straightforward reconciliations, along with reports that you can print or save to show what has been done.

The basic principle of the bank reconciliation is that every time you post an entry that affects a bank, the system will save those transactions in one area. When you are ready to reconcile, you simply go to the bank reconciliation screen and select the appropriate bank from a drop down list. All the entries that you have posted to that bank will then be listed with a check box at the side to indicate whether the entry has already been cleared or not.

Bank Reconciliation - click to read more

As the user, all you need to do is put a tick in the box when the entry has cleared. It’s just like playing pairs! There are a number of useful tools on the reconciliation screens, such as the option to search for a value or to search for a specific reference (such as a cheque number). In addition, entries that have been posted with the same date and reference can be grouped together, meaning that if you see a batch of paying in on your bank statement, you will easily be able to see that same total on your Insight Legal reconciliation and clear all those entries together with just a single click.