Reasons why the business records and the bank records (bank statement) may not correspond?

When evaluating and comparing accounting software you need to look for these important modules:

• The application needs to have the capability of creating invoices with customized looks and data.
• It needs to track expenses, follow inward/outward stock movements and manage inventories.
• It needs to record voucher entries and import bank transactions through bank reconciliation.
• It needs to create purchase orders and record inventory purchases. It also needs to record account payables/receivables, trial balance reports, balance sheet and profit/loss statements.
• The accounting software also needs to manage a list of vendors, customers and taxes.

Banking Financial tools for small business Billing GST filing POS

When getting a business loan, you need to prepare and understand primary financial statements. One is, balance sheet, that is a record of assets, liabilities and capital; and the other is profits (profit and loss) statements, an outline of your income and expenses over a given time frame.

In order to get business loan, you must provide your bank statements from the last three months. In case you do not have these, it's suggested that you visit your local bank branch and ask for print outs of your recent transactions from the last three months.

Use the Citi customer portal: https://online.citibank.com/US/JPS/portal/Index.do

Check your receipts for the period in question to see which corresponds with the items on your statement.

if this is for simply accounting you have to click on "save transactions for Acc. Rec"

Even an individual needs some form of accounting. Organization needs financial accounting not necessarily to achieve its objectives. Does the organization have a Bank Account, does it need money to buy equipment, computer, furniture etc, does it spend money for various purposes? How do you keep track of all the transactions? Is there a Government body like Taxation, or the company executives you have to report to.
about your financial activities, Profit & Loss etc.
These are just couple of reasons, why need a Financial Accounting. Hope this will help.
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