Reconciliation is a way of intercommunication between two organizations that do business together. It demonstrates that collaborators agree with financial records and account balances after their transactions.
At the end of the period that collaborators decide, they exchange the debit credit information. If the parties approve the accuracy of the information, they confirm the reconciliation with a wet signature and send it to others.
In case of inconsistency or mistakes in the reports, collaborators eliminate the problems by going over the reports again.
If the parties don't object to the documents in a month after getting them, they are considered as they accepted the final form.
At the end of the year, firms that work together exchange debit credit information about current statements. This process includes correspondences and document sharing between them.
BA/BS reconciliation is the form that indicates received (BA) and sent (BS) invoices greater than 5.000 Turkish Liras (excluding value-added tax) in a month. These forms must be prepared and delivered to Tax Office.
Reconciliation is an important method to provide a safe business environment. It ensures both sides are satisfied with the result of this collaboration. However, it is troublesome for accountants to journalize manually and maintain constant communication between organizations. Furthermore, some information may be lost during tracking due to the lack of a centralized technology-based system. Here, e-Reconciliation is an excellent solution.
e-Reconciliation is a system that provides a secure, cheap, rapid, and easy reconciliation period in an electronic medium. How?
In the sight of such opportunities, e-Reconciliation is a legal system with super-simplicity.
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