Recovery of bank statements in accounting

Some software vendors offer interesting features, including the ability to retrieve data from company accounts and automatically inject them into their accounts. For best accountancy training Best school of accountancy In Lahore. Accounting-Easy has the utility and modalities of operation of the recovery of bank statements for accounting.

Recovery Data Bank Accounting

The retrieval of bank data consists, in accounting, of automating the process of entering bank statements. In this way, all company bank statements are retrieved via the Internet and automatically integrated into the company’s accounts (or retrieved using an embedded export file later in the company's accounting software). The transactions are, as far as possible, allocated in the correct imputation accounts. In addition, it is possible to set the software so that it uses a special account root if it encounters a particular label on the statement.

For example, any transaction involving the word "France Telecom" in its wording will be broken down between an amount excluding taxes and a VAT amount and automatically allocated in the accounts 626 "Postal and telecommunications charges" and 445661 "VAT deductible on other goods And services ".

Certain operations may be broken down directly by the software, in particular loan repayment annuities (disaggregated between capital, interest and insurance), TPE rebates (broken down between the gross discount on one hand and commissions paid by the Bank, on the other hand), the revenue collected (distinguished between the amount excluding taxes and VAT), etc.