A presentation that describes the purpose of bank account reconciliation is to match up the amounts on bank statement with the amounts in company's books.
2. Bank account reconciliation is the
process that is carried out to match
up transactions stated in your bank
statement to that of your company
financial records. It is a critical
accounting task that you should
carry out each month.
WHAT IS BANK ACCOUNT
RECONCILIATION?
3. Ensure Balance
Accuracy It match up the
transactions on both
the side and confirms
the accuracy of the
balances shown in the
company’s books with
bank records.
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4. Speedy
Rectification of
Discrepancies
A bank reconciliation
discover problems that may
arise due to unusual
transactions or accounting
errors. It prevent more than
duplicate and erroneous
payment
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7. Internal
Auditing
.
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When it comes for
company annual audit,
the auditors always
analyse the company's
bank reconciliation
statement as part of their
testing procedures.
9. KEY POINTS TO CONSIDER
Bank account reconciliations
should be complete - Make sure no
account left behind.
Account reconciliations should be
accurate.
It should be reviewed in a timely
manner.
Account reconciliation should
follow accounting principles
The account reconciliation process
should be constantly reviewed and
improved as it reflects the
company's position.
10. CONTACT US
30 Wall Street,8th Floor
New York, 10005-2205
info@cogneesol.com
+1646-688-2821