Bank Reconciliation is been using for track the financial summary and cost budget balance entire the month or after some certain period of time. Here is some Professional format in Excel template, you just pick the best one and download. As the world is moving ahead towards globalization and the nations are turning around for mutual businesses and processes and operations are getting complex and diverged, more solidified mediums and organized chapters of documentations and record keepings are required now.
Precisely taking about the financial records, finance is the back bone of any project rendering in the world and without the proper cash flows and cash transaction record management, no smooth processes can be conducted. Owing to the importance of not only saving the money but transferring the money through some organized and well managed chapter, banking has taken strong roots in worldwide business culture. Get Reconciliation template now.
Bank Reconciliation Statement Format
No business is being operated without a business entity bank account today. Every business holds it’s by name account in any bank and majority of the business men and project leaders in the world, use bank accounts for the cash management. This trend has lead to a safe and moderate handling of cash with time-line transaction record and the transfer of a single penny is kept in the cash books.
Certain accounting modules are followed worldwide and a certain percentage of transaction is charged as service charges from the banks against the total facilitation. But apart from the fact that a rupture free facility is provided from the banks which keeps the exact word of cash flows in the documents, it is necessary in every business to maintain a personal record so that in-case a cash transactions in flaunted, personal books can be tale and faults can be identified which are persisting in the data feeding.
Tips to Use Bank Reconciliation Template
Plus there are some transactions which have travois effect, for example non-sufficient fund checks and sometimes, cheque is issued from the business accounts and the sustained amount is credited from the business books where as the checks are not presented in the banks yet and the residue amount in the bank account is different.
Keeping in view these difficulties and troublesome situations, banks are very strict in keeping the right word on both sides of the deal and therefore matching the resultant amounts and the proper transaction record is also an essential process of banking chains. Therefore by the end of financial year, banks request their clients to visit and get issues with a Monthly reconciliation statement which is the adjustments carrying statement from the bank side and its covers all the financial mismatches between the records of bank and its clients. After the proper audit of the account history and transaction records, all the mismatched figures are kept aside and are adjusted thereby according to the requirements.
There are various templates usable on MS Excel and these templates are the standard form of any procedural activity. Similarly the bank reconciliation statement Format are also available which are pre-defined and format based templates, carrying various sections and blocks for the adjustments and re-configuring of the figures and values creating trouble in the general understanding. Users can download and alter these templates according to their requirement.