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Bank reconciliation is just like balancing your cheque book; you want to be sure that the records in your book and those in your bank account match, taking into consideration the items that are yet to be cleared.

In LawMaster, the reconciliation of bank deposits and payments can be done manually (recommended) or electronically. You can reconcile bank accounts on a periodic basis without finalising the reconciliation, until required, for example at the end of the month. However, we do recommend to run bank reconciliations frequently so that discrepancies can be resolved quickly and to minimise the amount of work involved. This is especially important for firms that manage trust accounts.

Note: Before initiating a bank reconciliation, you need to run the end of day process. This ensures that all cheques and receipts entered during the day have been posted to the general ledger.