The retail management software you choose for your business needs to be able to handle the complexities of bank account reconciliation. RetailBasics makes bank account reconciliation for EOFY and quarterly BAS submissions a breeze, with the ability to import bank records downloaded from your banking application in any format, and to match those records to your rules, or a range of different business transactions.
Create custom match rules, upload bank statements and process. RetailBasics takes care of matching bank records to invoices, wage payments, superannuation payments, and the rules you've created. If necessary, we'll create the spend and receive money records required for automatic reconciliation.
RetailBasics will scan imported transaction records, looking for matches against words and phrases, transaction amounts, or combinations that you define, and create expenditure or money records accordingly. You can also define match criteria that result in transfer records between accounts being created automatically.
RetailBasics will look for amounts of superannuation owing across all employees belonging to a nominated fund and either update superannuation payments or create payment records accordingly. And if your payments are made to a fund payment service such as SuperChoice, RetailBasics will try and match the totals owing to all employees at any time and create matching contribution records and bookkeeping entries for each.
For imported withdrawals, RetailBasics will match amounts against wage payments for the employee that you nominate in your custom rules and reconcile the bank transaction with the wage payment record automatically.
For withdrawal transactions that you've imported, RetailBasics will look for any supplier invoices with a matching outstanding amount and allocate payments to the correct invoices accordingly, and adjust your Accounts Payable records to match.
RetailBasics will automatically generate not only expense records and receive money records based on the rules you define, but will also create transfer transactions for amounts transferred between your various bank accounts, in both affected accounts. And if your bank transactions don't reconcile at import time but later you add a wage payment, superannuation payment or invoice detail that matches an imported transaction, RetailBasics will reconcile the bank transaction at time of creation as well.
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Get StartedBusinesses with multiple bank accounts need a system that can easily manage them, including automatic reconciliation and the ability to switch between accounts. RetailBasics will reconcile transactions across all of your transaction, debit and credit accounts, even if they are held with different financial institutions.
RetailBasics handles transactions like fees, interest, and adjustments accurately. It can match a single payment to the combined amount of multiple outstanding invoices against a single supplier. It can match a payment to multiple superannuation amounts to a single fund or aggregator. It can even automatically create transfers between different accounts.
RetailBasics can save time and reduce errors by importing data from bank statements that you download from your bank in Excel or CSV formats, and then search for matching payments to suppliers, wage payments and superannuation payments, or matching payments from suppliers. You can also setup rules for generating transfers between accounts, and spend money or receive money records, based on text found in the transaction description, deposit/withdrawal amount, or a combination of both.
RetailBasics gives you total visibility of bank transactions that have yet to be reconciled so that you can pinpoint the source of the problem easily.