Accounts
How to record receipts and payments and reconcile the bank
IndustryX Suite Team 1 min read Beginner
Available in All plans, including Free
Step 1: Record receipts
When a customer pays, record a receipt against their invoice. Choose the bank or cash account where the money arrived. The customer ledger and receivables update.
Step 2: Record payments
When you pay a supplier, record a payment against their bill and choose the bank or cash account. Pay several bills in one payment if you need to.
Step 3: Petty cash
Record small expenses against the petty cash account with a clear description.
Step 4: Reconcile the bank
Compare your book entries with the bank statement line by line. This is bank reconciliation. Tick off the matches and list the rest, such as cheques not yet cleared or bank charges you have not booked.
Step 5: Fix differences
Book missing charges or interest, and chase uncleared cheques. When the lists agree, the reconciliation is complete.