22 Nov Format of Bank Statements
Format of Bank Statements
Banks often have mid-month cut offs to make it easier for them. The majority of accounts have an end of month cut off so the banks prefer to have statements with another date, if no specific request has been made. Another standard convention is to print the bank statement in the order that activity happened. Both of these options can usually be changed with a call to the bank. The advantage is ease in reconciling (since many accounting software packages lists the transactions in check number order) and prompt preparation of month end financial statements (since there is no need to wait until well into the next month for the bank statement).
Based on the way the bank reconciliation function works within the software are there any other ways the bank could make the process easier. For example, does the bank offer on-line banking to permit downloading the statement into the software?