Good news for Treasurers! To ensure better efficiency in managing apartment finances, CommonFloor Groups Money Manager is now equipped with Bank Reconciliation as a premium feature under the Bank & Cash section. Reconciliation helps you cross-check entries between your live Bank Statement (Bank Balance) and the records maintained in CF Money Manager (Book Balance).
How to reconcile accounts?
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Click on Reconcile from the Bank Statement page
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Download the Bank Statement from CommonFloor for the required period
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Compare this with the live Bank Statement and mark ‘Reconciliation Date’ as the date on which each transaction appeared on the live Bank Statement
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Upload this filled-up template back to CommonFloor Money Manager
Once you do this, you can see the difference in the Balances – your target is to make these differences to zero – this will ensure 100% efficiency in maintaining records!
Further improvements to come up in the section – Give it a spin, and let us know your thoughts/ suggestions. Write to us at groups-product@commonfloor.com and we’ll be all ears!
