Bank Reconciliation

Help
1

Hi All,

I need some basic details of Bank Reconciliation Process automation using UI Path. What are the different types of reconciliation process available in banking?. Give me some idea please.

Thank you!

2

Hey Baskaran,

as a developer I had to look up basic details of this process to get a better idea:

Bank Reconciliation

When the company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company’s Cash account in its general ledger and vice versa. This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, bank reconciliation, or doing a “bank rec.” The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company’s books) is consistent with the amount of cash shown in the bank’s records.

Because most companies write hundreds of checks each month and make many deposits, reconciling the amounts on the company’s books with the amounts on the bank statement can be time consuming.
Bank Reconciliation | Explanation | AccountingCoach

This sounds to me like a good process to automate with UiPath. Data is consistent, digital and structured and robots can easily and tirelessly work with numbers without ever making a calculation error. The repetitive nature and high volume of the process also makes it very suitable for RPA.

Benefits of automating this process right include: drastically reducing employee effort, faster average handling time, minimized error occurences, better and more reliable reporting.

To understand the basics of UiPath I recommend you to take RPA Starter Training in the UiPath Academy :wink:

Cheers, Lukas

3

Hi Baskaran

  1. you can calculate Day to Day Debits and Credits and Provided the opening balance you will be able to calculate the closing balance for the Day

  2. If you have Bank accounts of different currencies, then you can do currency conversions

4

Hi All,

Thanks for your prompt response. Have a great day!

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