Bank Accounting: Aspects, Challenges and Solutions
Bank Accounting is a specialised area of financial accounting that deals with keeping track of the money-related activities of a bank. This involves recording, categorising, and analysing all the financial transactions that the bank carries out.
Understanding Key Elements of Bank Accounting
Tracking your bank accounts is essential for managing money effectively, achieving financial goals, and making informed decisions. Whether using paper or digital tools, keeping clear and updated records sets you up for financial success. Below, we define the key elements of bank accounting.
Following the Rules
Banks have to follow strict financial rules and regulations. Bank accounting has to stick to various accounting standards and specific banking rules.
General Ledger
This is the main accounting record that keeps track of all the money going in and out of the bank, including deposits, withdrawals, loans, investments, and expenses.
Subsidiary Ledgers
These are detailed records for specific accounts, like customer accounts, loan accounts, and investment accounts.
Financial Statements
Bank accounting ends with preparing financial statements, like the balance sheet, income statement, and cash flow statement. These statements give a full picture of the bank's financial health.
Bank Accounting Challenges
Lots of Transactions
Banks handle a huge number of transactions every day, which makes it hard to keep accurate and up-to-date records.
Problem in Managing Multiple Bank Accounts
If Users have more than one bank account, They may have to go to different bank account to verify the bank balance which is very cumbersome process.
Possibility of Forgetting Transaction
There may be possibility of forgetting some important transaction to record, which may create confusion w.r.t purpose for which that transaction done.
Suggestive Account Name
Some times user may face narration related issues like from narration only usr cant find the exact account name from whom they conduct transaction.
How EazeMax Overcome the Problems Related to Bank Transactions?
Centralized Bank Account Management
EazeMax allows users to manage all their bank accounts in one place.
Intelligent Account Name Suggestions
EazeMax helps users by providing suggested account names related to the narration available in the bank statement.
Real-Time Balance Overview
Users can check the latest balances of all their bank accounts in one place.
Comprehensive Account Summaries
Users can view the account-wise summary of each bank account.
Detailed Transaction Review
Users can review the transaction summary details for each account.
Easy Import of Transaction Data
Users can directly import bank Excel/PDF files into the software for detailed transaction input.
EazeMax's Bank Accounting Workflow
Check Bank Balances
The user can check all his bank balances in one place, and he can also ADD his and his family members' Bank accounts in one software.
Bank Transaction
The user can easily check bank transactions by selecting a specific date range and clicking a single button. This feature simplifies tracking financial activity, providing an efficient way to review deposits, withdrawals, and account balances within the chosen timeframe. It enhances usability and streamlines transaction monitoring.
Summarized Transaction Details
The user can check the summary Account details done with a Particular Account during the year, and can also check detailed transactions done with a selected particular account.
