First of all you have to clear about reconciliation manning, actually due to difference of time lag in different mode of transaction we have to use the word reconciliation. Bank systems are very sensitive, so every account maintain bank balance sheet at every week or month with very careful. In this post I will discuss some example of maintain reconciliation statement, what factors need to be considered in it? How company utilized this system properly?
For detecting any discrepancies in overall accountancy system, manager utilized reconciliation for error free documentation at every month. It’s project manager responsibility to communicate company’s accountant about each expenses or budget statements.For making financial budget planning, it’s very important you have to understand about each factor.
It’s not an advance technique bank manager utilized to manage their system, this system is been used over the years just the difference of “Term”
Monthly Bank Reconciliation Statement Format
Here are I would like to gives some essential details about format of professional reconciliation bank documentation. It’s a type of form which mentioned each and every little thing about bank balance of company and any discrepancies in system.
This system isn’t only used for preventing unauthorized entry in system, but also been used to segregate particular person regarding their duties and responsibilities.
Essential Element of Reconciliation Statement
First of all at the header section of template you should mentioned your bank logo, Name any tag line than come to Title which should be clear or specific.
Create columns of Credit/Debit Cash, Date Paid, Amount of check, date deposits, deposits and other amount etc
During making monthly statement, you should give space of writing summary of previous statement includes some points like;
- Previous Statement Balance (Date)
- Total Deposits
- Total Withdrawal
- Interest Earning
- Service Charges
Here are some other technical accountancy terms like, Deposits record in quickens, service charges, transfer made, reconciled balance, quickens balance prior to month and current month report.
How Often Should Bank Reconciliation?
This document will notify you any bugs and issues in system, which needs to be removed properly; you can also get idea about the defected loop or any cash flow system or unidentified entries.
Internet Access is very helpful regarding downloading data of total transaction, and cash memo or cash debt and credit monthly records.
It’s all depend on your business, which manage record daily or monthly base, some bank usually keep this record about 6 of month because of required time.
These Monthly Bank Reconciliation Statement Format isn’t only helps you regarding making templates of Microsoft excel or any other format but also guide you regarding managing yo do list according to essential elements of accountancy.