Frequently Asked Questions
Reconciling your money
Why do I need to enter my actual money?
It is important to enter your actual money before you start using the app so you can reconcile your money. See ‘What is close my day and why do I need to do it?’ to learn more about why reconciling your money is important.
What does ‘Close Day’ mean and why do I need to do it?
Closing your day is the process you take to reconcile your money. When you close your day, you compare the amount of money you actually have on hand (in cash and balance in your bank account) to the amount of money you have recorded in KOTRA Riel. See more on ‘Why is reconciling money important’.
Why is reconciling money important?
Reconciling your money compares the amount of money you actually have on hand (both in cash & in your bank account) to the amount of money you have recorded in KOTRA Riel. It is important that you ‘close your day’ and reconcile your money at the end of every day to check that you entered all transactions correctly.
When you close your day you identify differences between your actual money and your money recorded in KOTRA Riel. Maybe you forgot to record a sale or an expense? Reconciling your money gives you an opportunity to correct any errors.
It is important that all transactions are correctly recorded in the app so you can rely on the reports to make business decisions or apply for a loan.
See our video below to learn more!