Banking

Managing your bank accounts and transactions

The Banking section helps you manage your bank accounts, track transactions, and reconcile your statements. Keeping your banking records accurate ensures you always know your true cash position.

Bank Account Management

Adding a Bank Account

  1. Go to Finance > Banking
  2. Click "Add Bank Account"
  3. Enter the bank name
  4. Enter the account number
  5. Select the account type (Checking, Savings, etc.)
  6. Enter the opening balance
  7. Click "Create Account"

Types of Bank Accounts

  • Checking AccountFor day-to-day transactions
  • Savings AccountFor reserve funds
  • Credit CardFor tracking card expenses
  • Petty CashFor small cash expenses

Bank Reconciliation

Bank reconciliation is the process of matching your records with your bank statement to ensure accuracy.

How to Reconcile Your Account

  1. Go to Finance > Banking > Reconciliation
  2. Select the bank account to reconcile
  3. Enter the statement date and ending balance
  4. Match transactions with your bank statement
  5. Identify and resolve any discrepancies
  6. Click "Complete Reconciliation"

Reconciliation Tips

  • Reconcile your accounts monthly
  • Address discrepancies immediately
  • Keep digital copies of bank statements
  • Record all transactions promptly

Banking Transactions

Recording Transactions

You can record various types of banking transactions:

  • Deposits (money coming in)
  • Withdrawals (money going out)
  • Transfers between accounts
  • Bank fees and charges
  • Interest earned

Real-World Example

"Aisha runs a tailoring business with two bank accounts - an operating account for daily expenses and a savings account for taxes and large fabric purchases. Every month, she downloads her bank statements and goes to the Banking section to reconcile. She notices a customer payment of AED 2,500 on her bank statement that isn't in the system. She adds the missing transaction, categorizes it to the correct customer invoice, and completes the reconciliation. Now her system matches her bank exactly, and she knows her financial reports are accurate."

AccountsTransactions