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An Insight to Bank Reconciliation & Its Significance
1.
2. It is a report which compares the bank balance as per company's
accounting records (Record Book) with the balance stated in the
bank account statement (Bank Statement) . Bank reconciliation
is a great way to find typos, missing transactions, and duplicate
transactions that could lead to inaccurate reports.
3.
4. It is a book or register
maintained by company to
keep record of receipts and
payments of money
List all the deposits and
withdrawals that company
had in specific period of
time.
5. A bank statement is a summary of
financial transactions which have occurred
over a given period on a bank account
held by a person or business.
Once in a month, this bank statement is
issued by bank to its customers holding
account
6. List all the deposits and cash
withdrawals made by company in
given period of time.
List only those deposits and withdrawals
that had been processed through banks.
7. Step 1:
Collect all the documents that are required to prepare the
reconciliation .
The important documents for this purpose would be register in
which record is maintained every month and the bank statement
received from the bank.
Step 2:
Identify difference between cash book and bank statement.
Step 3:
Make list of items that has been recorded in the account book
but not there in bank statement .
8. Step 4:
Any Debits that have not been accounted for, will need to be
deducted from the balance on the bank statement. Likewise, any
credits that have not been accounted for will be added to the
balance on the bank statement.
Step 5:
Make appropriate additions or deductions to correct errors.
Step 6:
If the balances match, then post all the changes and close the
segment, otherwise repeat this process until the balances are
equal.
13. Check on accuracy of entries made in both
accounting records of the company or the bank.
14. Delay in collection of cheques or non-
payment of cheques can be brought into
light.
15. Have you faced errors or setbacks
while Reconciling your
Bank Transactions?
16. If yes, then let Cogneesol
help you… Find out How!
17. Full and partial reconciliation
Reconciliation of Accounts Statements for your internal
finance data
Reconciling your internal finance data with the client’s credit
card bills
Reconciliation of vendor invoices with your general ledger
Reconciling bank statements with the records managed by
your company
Creating bank reconciliation reports
Credit card services - Enhance your cash flow, recuperate
unsettled payments as well as keep track of accounts for
overdue payments
20. They provides consistent
and accurate data that can
be conveniently employed in
decision-making process.
Consequently, this ensures
proficiency in workflow and
there is absolutely no wastage
of time.
22. Cogneesol provides a substantial
cost reduction and offers you high
ROI. We focus on giving level
of quality, business value, profits,
and much more.
23. You will get premium quality work
in accordance with your requirements
and that too at affordable rates.