Reconciliation and close
Reconciling means matching what the system says against what the bank says, and it is where the difference that keeps you up at night on the 30th lives. Here the bank statement comes in imported and matches against the entries, the discrepancy shows before it becomes a hole, and every move carries an author and a date. You close the month knowing the balance is real, not hoping it lines up.
What hit the bank matches the system.
Match the imported statement against the entries and flag what does not line up. The hidden difference shows before it becomes a hole in the close.
Schedule the payment and never miss the due date.
Set the date and bank account to pay a bill in the future. The bill goes out on the right day, with no late interest and nothing to remember.
Settled it wrong? Step back leaving a trail.
Reverse the payment with the reason logged and the bill returns to approved status. The mistake is corrected without erasing the history.
Every financial move has an author and a date.
Every relevant action is logged, with who did what and when. It is ALCOA+ holding in finance too, ready for when the auditor asks.
The discrepancy shows with the entry left over.
When something doesn't line up, the system shows which move was left without a match, on the bank side or the system side. You chase the right one instead of hunting a needle in the statement.
The closed period becomes a snapshot, not a draft.
After the close, the month locks and the reported number stays. Whoever comes back to check finds the same balance, not a reshuffled version.
Closing the month with a clear conscience
A good close is one nobody has to redo. Here's how reconciliation finds the difference and the trail holds the history.
The discrepancy comes with the entry left over.
When the statement doesn't match the system, instead of just saying an amount is missing, it points to which move was left without a pair, on the bank side or the system side. You go straight to the wrong item, no hunting a needle in the whole statement.
Correcting doesn't erase, it leaves a trail.
A wrong settlement is reversed with the reason logged and the bill returns to approved status. Every settlement, reversal and payment keeps who did it and when, so the number you reported still stands when the auditor comes back to check.
Frequently asked questions
Do I have to check the statement line by line?
No. You import the bank statement and the system matches it against the entries, flagging what doesn't line up. The discrepancy shows before it becomes a hole in the close.
I settled a bill wrong. Can I undo it?
Yes. You reverse the payment with the reason logged and the bill returns to approved status. The mistake is corrected without erasing the history.
Can a closed month be touched later?
No. The close locks the period and the reported number stays. Whoever comes back to check finds the same balance, not a reshuffled version.
Does finance have an audit trail too?
It does. Every relevant action (settlement, reversal, payment) records who did what and when. It's ALCOA+ holding in finance, ready for when the auditor asks.
Stop running your LIMS and ERP as two systems.
See the work order become an invoice, the P&L update and the electronic invoice go out, live, with your lab's routine. Book a demo and find out how much time and revenue you leave on the table running two systems.