August 16, 2022
Every Month-end or Quarter-end, accountants must collect bank statements and details about all the transactions from their clients.
Clients hand over more information in pdf, images, excel files, or hard copies. Once the accountants get all the details, they manually do bank statement entries in Tally.
Bank Statements are summary of financial transactions which have been recorded over a specific period.
Traditionally, Bank statements were printed on papers and bank statements were mailed directly to the account holder.
Over a period of time, there has been a shift towards paperless, electronic statements! So now you can get your bank statements as an e-statement or you can download them from the respective accounting software of the bank.
The Process of Bank Entry in Tally is based on ⤵
The traditional way of bank statement entries in tally is boring! 🥱
At the same time, it wastes your time and effort.
You can do the same process with automation in 80% less time.
With its advanced technology, automated accounting software reduces all your repetitive clerical work. You can replace all the manual work with automation.
Suvit uses AI and Deep Machine Learning concepts to automate the whole process.
With the help of advanced technology, Automation software can directly fetch the text and numbers from the image, pdf, or excel.
The software will bring all the data, you just need to specify a ledger, and once it is done, you’re good to go!
With a month of research and technology expertise and integrating various accounting and tax programs into a single office environment, Suvit has initiated a Tally automation for bank entries.
Yay! It’s done in 4 easy steps with minimal human effort. 🤖 Know more.
Apart from saving time and human effort, there are other benefits of auto bank statement entry in tally too.
Suvit reduces all your clerical work by automating most of the accounting work.
When using suvit,
If you want to avail all these benefits, give automation accounting a try!
A bank statement entry is usually a list of all the transactions for a bank account over a certain period of time, Usually a month. These statement entries can be deposits, charges, withdrawals and the balance of your bank account.
This entry is recorded when debit card and credit card both affect the same parent bank account and that results in a zero effect in an account.
You can upload any bank statement in excel format but make sure the bank statement should have headers with mandatory fields (Date, Description ,Type ,Amount, Balance).
Press Alt+O (Import)> Bank Details. The Import Bank Details screen opens. Specify the File path and the File to Import (Excel). Press Enter to import the beneficiary details.