What is bank reconciliation?
Bank reconciliation is the process of matching the balances in your accounting records to the corresponding bank statements to ensure they agree. Any differences need to be identified and corrected.
Why is bank reconciliation important?
Bank reconciliation ensures the accuracy of your law firm's financial records, helps catch errors, and prevents fraud. Regular reconciliation gives you an up-to-date view of your practice's cash position.
How does Lawsyst help with bank reconciliation?
Lawsyst automates bank reconciliation by importing bank transactions, matching them to your firm’s accounting records, and flagging discrepancies for easy resolution.
Can I reconcile multiple bank accounts with Lawsyst?
Yes, Lawsyst allows you to reconcile multiple bank accounts, credit cards, and loans from a single dashboard.
What types of accounts can I reconcile with Lawsyst?
You can reconcile business accounts, savings accounts, credit card accounts, loans, and other types of financial accounts with Lawsyst.
How do I start a bank reconciliation in Lawsyst?
Simply connect your firm's bank account, import your bank statements, and Lawsyst will automatically sync your transactions. From there, you can manually or automatically match transactions.
Can Lawsyst automatically match my transactions?
Yes, Lawsyst uses AI-powered matching to compare transactions from your bank statements with those in your legal firm’s accounting system.
What happens if I have unmatched transactions?
Lawsyst will flag any unmatched transactions, allowing you to review and make necessary adjustments or corrections.
Can I add manual transactions to my bank reconciliation?
Yes, if you have transactions that are not automatically imported or matched, you can manually add them into the system.
How does Lawsyst help me spot discrepancies?
The software will automatically highlight discrepancies between your bank statements and your accounting records, making it easier to identify errors or missing transactions.
What if I find an error in my bank reconciliation?
If you find an error, you can correct it within Lawsyst by adjusting the transaction or adding missing information. Our legal accounting software will help track these changes.
Is my data safe during the reconciliation process?
Yes, Lawsyst uses top-tier encryption and security protocols to ensure that all your data, including sensitive bank information, is protected.
Can I generate reports for my reconciliations?
Yes. Lawsyst allows you to generate detailed reconciliation reports that you can review, save, or share with external auditors.
Do I need to manually download my bank statements?
No. Lawsyst can automatically fetch your bank statements directly from your online account, so you don’t have to download them manually.
Can Lawsyst reconcile my bank account in real time?
Yes, Lawsyst syncs with your bank and updates in real time, so your accounting records are always up to date.
How often should I perform a bank reconciliation?
It’s best to perform bank reconciliation monthly, though depending on your firm’s needs, you may want to reconcile weekly or quarterly.
Does Lawsyst integrate with other accounting software?
Yes, Lawsyst integrates with a variety of popular accounting software solutions, such as Xero, enabling seamless data flow across your financial systems.
Can I use Lawsyst to prepare for an audit?
Yes, the clear and accurate reconciliation reports generated by Lawsyst are ideal for preparing for financial audits, providing transparency and clarity on your cash flow.