Bank Reconciliation using the Funds Transfer Detail Report
Bill.com makes up to two Automated Clearinghouse (ACH) debits per day to the bank account used for Payables in a Bill.com account. The debits are comprised of multiple bill payments.
Using accounting software we sync with
Using the information in the Bill.com Funds Transfer Detail Report, easily reconcile the Bill.com Money Out Clearing account by comparing payments made in Bill.com with the journal entries posted by the sync in the accounting software.
Using accounting software we do not sync with
Using the information in the Bill.com Funds Transfer Detail Report, post transactions in any accounting software we do not have a direct integration with for the gross amount of all payments made on a particular date.
By recording the funds transfer, effectively zero out the transaction in the clearing account in the accounting software. This approach allows for easier bank reconciliation, as all transactions in the check register will match the bank statement. It also displays post-dated transactions, which improves cash flow management and enables the ability to easily see how the bill was paid when viewing a bill payment transaction via the account to which it was posted.