Once approved, the data can be stored in the software’s database as an audit trail. These account reconciliations can then be signed electronically by the preparer before being sent to a reviewer for approval. Preparers using the software can retrieve real-time balances from a general ledger, carry information and open items from prior periods, and compare data from the bank statement and invoices. Bank reconciliation software helps automate the financial close process and replaces it with a centralized online system.
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