- Get bank statements
- Do bank account reconciliation
- Enrich the bank statements with the relevant data, including customer and transaction IDs
- Set up rules to classify the transactions on the bank statement
- Create journal entries
- Any unclassified debit on the bank statement is automatically journaled as a a customer liability
- Any unclassified credit is automatically journaled as a cost
- Create a system and process to do manual classification of remaining transactions
- Do transaction reconciliation
Leave a Reply