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New in Aplos: Bank Reconciliation Updates
What is fund accounting and who do nonprofits need it
Aplos News
6
min read

New in Aplos: Bank Reconciliation Updates

Janie Richmond
Word Nerd and Creative Writer
Published on
January 22, 2025
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Aplos News
6
min read

New in Aplos: Bank Reconciliation Updates

Janie Richmond
Word Nerd and Creative Writer
Published on
January 22, 2025
View Full Course Here
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Verify financial accuracy and simplify the audit process with bank reconciliation

Experience seamless financial management with our enhanced bank reconciliation. Our updated bank reconciliation system allows you to automate key tasks, improve workflow efficiency, and ensure real-time accuracy.

Optimize your financial processes with bank reconciliation

These updates transform the way you handle reconciliations, giving you more time, greater control, and the accuracy you need to keep your financial records in top shape. Here’s how these updates benefit you:

  • Save time
    Automating transaction matching and introducing real-time progress tracking significantly reduces manual reconciliation time, allowing you to focus on higher-priority tasks.
  • Increase accuracy
    Real-time updates and the always-visible balance view help ensure precise reconciliations, minimizing the risk of errors.
  • Stay in control
    Access and update historical reconciliations without losing your work, maintaining a consistent view of your financial health.
  • Get peace of mind
    Automatic save functionality ensures your progress is protected, allowing you to reconcile confidently without concerns of lost data.

Simplify and speed up bank reconciliation with our latest updates

We’ve made significant updates to our bank reconciliation tool to improve accuracy, save time, and reduce manual tasks—making the process faster and more efficient for you. Here’s what’s new:

Automated bank integration

Transactions imported from your bank will now be automatically marked as "Cleared," streamlining the process by removing the need for manual marking during reconciliation. This feature ensures greater accuracy and speeds up the overall process.

Unified transaction table

Payments and deposits are now displayed in a single, combined table for easier navigation and review, condensing information for a clearer view.

Re-opening reconciliations

You can now re-open a specific reconciliation to make adjustments without deleting subsequent reconciliations, maintaining data integrity and saving time. Any necessary changes to ending balances will automatically update subsequent reconciliations as needed.

Jumping to transaction source

Improved functionality allows you to navigate directly to a transaction’s source for quick edits and return seamlessly to the reconciliation process.

These enhancements reflect our ongoing commitment to improving the way you manage your organization’s financials. By streamlining complex processes and introducing intuitive, time-saving features, you can meet your goals with confidence.

To learn more about how to use bank reconciliation for your organization, see our resource on how to complete a bank reconciliation.

Download a one-page PDF to share with your team.

Why use bank reconciliation?

Regular bank reconciliation is essential for financial accuracy, fraud prevention, cash flow clarity, compliance, and error reduction. By adopting tools that simplify this process, your nonprofit can save time, maintain financial health, build stakeholder trust, and confidently carry out your mission.

  1. Ensure financial accuracy
    Regular bank reconciliation helps confirm that your recorded transactions align with your bank statement. For example, reconciling monthly can catch discrepancies like missed deposits or unauthorized charges before they escalate into larger financial issues.
  2. Prevent and detect fraud
    Reconciling your accounts gives you the opportunity to spot unauthorized or fraudulent transactions early. Nonprofits can be vulnerable to fraud, so a consistent reconciliation process acts as a safeguard.
  3. Improve cash flow management
    Understanding your true cash position is vital for informed decision-making. Reconciliations provide clarity on available funds, ensuring your nonprofit can confidently commit to projects or allocate resources.
  4. Support compliance and audits
    Having regularly reconciled accounts simplifies the audit process and demonstrates your organization’s commitment to transparency and accountability. This reduces the risk of non-compliance, which could otherwise jeopardize funding or lead to legal complications.
  5. Reduce the risk of errorsManual errors, such as data entry mistakes, can lead to financial misstatements. Bank reconciliation allows you to identify and correct these errors promptly, ensuring your reports are reliable.

Log in to your Aplos account.

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Janie Richmond
Word Nerd and Creative Writer
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