Phase 5: Banking

In this phase, you will learn how to complete a Bank Reconciliation. The time and diligence you spent in the Money In and Money Out Phases will pay dividends in this phase.

Phase Goals

• Understand how Undeposited Funds work (Bank Deposits)

• Understand the difference between a Bank Expense and an AP Payment

• Understand Bank Activity and how it relates to the Bank Reconciliation

• Complete a Bank Reconciliation and reconcile it against the Balance Sheet

• Timeline: 2-3 weeks

Advanced Topics

• Bank Rules

• Bank to GL Reconciliation

What to prepare for next?

• Transitioning to the Adoption Phase

Additional Resources

• Bank Account Record

• Direct Bank Connection

• Multifactor Authentication

• Importing Bank Activity

• Transaction Matching

• BAI - Bank Account Import