Your bank account is the heart of your business. Keeping up with the movement of money in and out of your bank account is crucial. You can maintain a record of all your bank transactions within Zoho Books. Would that mean, making an entry every time you transact? Worry not! You can either:
It doesn't stop there, you can match the transactions from your statements and feeds to transactions that have already been recorded. When there isn't a match, Zoho books lets you add in that transaction. This page outlines the features of the banking module.
Zoho Books lets you record most transactions that you do on a day to day basis through simple forms. These transactions obviously involve your bank account, hence to record transactions you must get to the specific bank's account and select the type of transaction that you will be recording. Zoho Books being a double entry accounting system, it lets you select the accounts which will be debited and credited due to the transaction. For instance, if you are paying for a web campaign that you did, then you will debit the 'Advertising and Marketing' expense account while crediting your bank account; presuming you paid for the expense through your bank account.
As you keep recording transactions involving your bank and credit card accounts, you may at some time want to make sure that what's recorded in Zoho Books matches with your bank and credit card statements that you receive periodically. A simple import via a csv file should help you get your statements imported in. In this document we'll outline the steps for importing the statements, comparing it with the transactions in Zoho Books and recording transactions that haven't been recorded yet.
The transactions in your bank account can be brought into Zoho Books automatically by setting up Zoho Books to receive automatic feeds from your bank. To do this, you'll need your online banking credentials and other information that you use for accessing your online banking account.
The most volatile asset that you have is your bank account. Your bank account, being the core of your business, becomes inevitable for you to save your bank account from fraud and theft. One of the most easiest ways of identifying errors in your accounts is by going over your bank statements periodically and doing reconciliations regularly. Before you reconcile, you must set the closing balance which is the balance at the time of reconciliation. This is also the amount that you will be working towards. Understanding how a reconciliation process normally works is the first step to getting it done in Zoho Books.
When you find transactions that are not recorded yet, add them in and check if you are able to arrive at the bank balance in your bank account in your virtual Zoho Books bank account too.