Like it or not, businesses MUST diligently run Bank Reconciliation reports at least on a monthly basis. There is no excuse not to do it. If your business deals a lot with bank transactions, it can be a tedious exercise to go through the bank statement and tick off every single line. However, this painful task pays off since it will give you an idea of where your money have gone to and whether you are collecting enough.
UNITS has a built in feature to assist with Bank Reconciliation. It can be a bit confusing to start off especially if you don't regularly process your Bank Statement. Trust me it is a worthwhile thing to learn and regularly monitor. For those with access to internet banking, you can spare 15 minutes a day to reconcile. This will save you a lot of grief as compared to doing it once a month.
The downside to not monitoring your Bank Reconciliation is too hard to swallow. I know someone who learnt the hard way. By 'assuming' that this is being done correctly, a company has lost a huge sum of money over a period of about 6 months!!! Bank Statements were not reconciled and neither were Debtors and Creditors.
There are many ways to beat a system but it is not easy to manipulate Bank Statements. So please monitor them closely and tie them up with postings in the system.