Lesson 5 of 5
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What is Payment Reconciliation

Payment reconciliation is an essential process for any business to ensure that their financial records match their bank statements. This process involves verifying that payments made or received by the business match the transactions recorded in their accounting system and bank statements. Payment reconciliation helps to identify any discrepancies, such as missing or duplicate transactions, that can affect the accuracy of financial statements and impact the business’s financial health.

In Parsimony.com, payment reconciliation involves comparing the transactions recorded in the payment entry with those on the bank statement. This ensures that all the transactions are accurately recorded and reconciled, and any discrepancies are identified and addressed.

This lesson will cover the basics of payment reconciliation in Parsimony.com, including how to match payments recorded in the payment entry with those on the bank statement, and how to reconcile any discrepancies that may arise. It will also provide an overview of the importance of payment reconciliation and the consequences of not properly reconciling payment records.