G L E E M A T I C
bank reconciliation

How Gleematic helps in monthly bank reconciliation

Finance/ Accounting professionals typically do end-of-month bank reconciliation. It is a repeated scope which will also time consuming. Some companies transact with more than 1 bank and may have many (e.g. 10 or 15) bank accounts per bank.

Finance staff will need to login into the online banking platform to download each of the bank statement in CSV format and download the many statements (e.g. 15 statements) from each bank. Then he/she will need to filter out the unnecessary information or columns of each individual statement in order to upload the bank statement to their account system (e.g. Microsoft Navision).

On the Microsoft Navision (NAV) part, firstly, he/she will need to select the correct bank account. Then he/she will need to go to the Bank Reconciliation tab at NAV and input all the information manually such as the date of the bank statement, bank account number and others. Then he/she would have to upload the formatted CSV of the bank statement after input the information. This NAV process needs to be done repeatedly for each bank account.

The bank sends the account statement to its customers every month or at regular intervals. In some cases, the various parties may not be in sync with one another. Businesses need to recognize the explanations behind the errors and accommodate the distinctions. This is done to affirm each thing is represented and the consummation adjusts coordinate.

With Gleematic, all the processes above can be automated. Gleematic will go to the bank platform and download all the CSV statements without missing any bank account. It is able to filter the CSV and capture the information which needs to input inside NAV. Then it will go to NAV to do the remaining process and able to check whether the “balance” from bank statement is matched with the NAV amount.

Overall with the assistance of Gleematic, the process is faster, account staff will have more time to work on other task and there is no need for overtime. Staff will be happier too.

Written by: Nicholas

Related Post