Bank reconciliation is about verifying that the accounting records correspond to the data on the bank statement; in practice, this means verifying the correspondence between the balance of the general ledger account (with all movements of the bank statement) and the statement of the same account issued by the bank.
In Mago4 this function is performed by the Financials module, and is now available for Germany localization.
The improvement dedicated to Electronic Banking Germany includes a feature that allows you to import bank statement files in xml format, according to the Camt52 and Camt53 paths, reconcile bank statements with accounting records and maintain bank statements; the relative control reports are also available.
The reconciliation procedure allows both to generate the journal entries starting from the bank movements communicated by the bank, and to combine them with already entered accounting records.
Checklists are also available to verify the actual reconciliation between the bank movements of account statements and the transactions posted in the accounts.
This improvement extends the international reach of the ERP Mago4, the "by vocation" international ERP chosen in over 30 countries around the world. Find out more about the improvement by consulting the release note.