An Insight to Bank Reconciliation & Its Significance

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Finding reconciliation of accounts a tough job? Get in touch with Cogneesol today as we can help you reconcile your accounts in a far better organized, and inexpensive manner.

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An Insight to Bank Reconciliation & Its Significance

  1. 1. 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.
  2. 2.  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.
  3. 3.  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
  4. 4. 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.
  5. 5. 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 .
  6. 6. 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.
  7. 7. Enlarge this Image to view Account Reconciliation Process
  8. 8. Identifying errors in the accounting records of the company or the bank accounts.
  9. 9. Assists in Regular Monitoring of cash flows of a business.
  10. 10. Check on accuracy of entries made in both accounting records of the company or the bank.
  11. 11. Delay in collection of cheques or non- payment of cheques can be brought into light.
  12. 12. Have you faced errors or setbacks while Reconciling your Bank Transactions?
  13. 13. If yes, then let Cogneesol help you… Find out How!
  14. 14.  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
  15. 15. Individuals All Businesses (Small, Medium or Large Scale)
  16. 16. 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.
  17. 17. Robust data security to make sure your data is safe and secure with us.
  18. 18. Cogneesol provides a substantial cost reduction and offers you high ROI. We focus on giving level of quality, business value, profits, and much more.
  19. 19. You will get premium quality work in accordance with your requirements and that too at affordable rates.
  20. 20. : : : +1 646 688 2821 Follow us on -