Bank Reconciliation Template
Originally published: 26/08/2020 07:27
Publication number: ELQ-77557-1
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Bank Reconciliation Template

Automated reconciliation tool to compare and reconcile it.

Generally, A bank reconciliation statement is a document that matches the cash balance on a company’s balance sheet to the corresponding amount on its bank statement. Reconciling the two accounts helps determine if accounting changes are needed. Bank reconciliations are completed at regular intervals to ensure that the company’s cash records are correct. They also help detect fraud and any cash manipulations.

I have made a model which first reconciled any Payments or Deposits with it's unique key which is common in both Bank Statement and Bank / Cash Ledger.

In case of Bank Transfers or Real Time Gross Settlement, bank does't provide any unique which creates hassle to reconcile it with Ledger and where transactions are 1000+, it becomes nightmare to reconcile it. I have allowed model to trace where transaction not being reconciled in its first phase, which is reconciliation through its unique, then it will self create Transaction Key which is a combination of Head Count, Nature of Transaction i.e Payment or Deposit and the Amount in both Bank Statement and Ledger and reconcile it.

It has reduced Manual Intervention to Zero and it only require Bank Statement and Ledger to be pasted to a specified area.

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Further information

To accurately reconcile Ledger and Statement with accurate difference and with Zero Percent manual intervention

4.8 / 5 (8 votes)

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