Process for Preparing the Bank Reconciliation Statement

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Process for Preparing the Bank Reconciliation
Statement

• The bank reconciliation process involves a few
  steps that must be followed carefully without
  making any mistakes. Our bookkeepers are experts
  in preparing required documents, comparing
  balances and transactions, and making
  corrections.
• Accessing Bank and Business Records
• The first step of bank account reconciliation is
  collecting bank and business records. We will
  prepare a bank statement for a specific time
  period we want to reconcile and the businesss
  accounting records for that time period.
• Check the Starting Balance
• After completing the first step of accounting
  bank reconciliation, we verify the opening
  balance on your bank statement to check if it
  matches the opening balance on your own
  accounting records. We make sure it is accurate.
• Review Transactions
• Basically, the purpose of bank reconciliation is
  to detect errors and make corrections. Thats why
  we review your transactions. We compare your
  businesss account to your bank statement.
• Bank Statement Adjustment
• If there are items on your business books and
  they are not present on the bank statement, then
  our bookkeepers will help to add them. Bank
  reconciliations purpose is to maintain an
  accurate measure of all transactions.
• Cash Account Adjustment
• Your businesss cash account may need some
  adjustment. Our bookkeepers can help manage that
  adjustment which may include bank fees and other
  charges.
• Check the Closing Balance
• After going through and matching each
  transaction, we compare the final closing balance
  on the bank statement to your business books. For
  every business owner, it is important to
  understand account reconciliations meaning.

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Frequently Asked Questions (FAQs)

• What is bank reconciliation in Australia?
• Bank account reconciliation is a method to
  double-check your bookkeeping. Our bookkeepers
  can help by comparing your business accounts to
  your bank statements. Both records should match
  each other.
• Is a bank reconciliation statement the same as a
  balance sheet?
• Basically, bank reconciliation accounting is the
  process of comparing your companys balance sheet
  and bank account.
• What are the most common errors in bank
  reconciliation?
• One of the most common reasons behind bank
  account reconciliation errors is duplicate or
  missing transactions. You can also view the bank
  reconciliation report for more detailed
  information.
• What to look for when bank reconciliation doesnt
  balance?It is important to check that all the
  reconciled transactions match your bank statement
  and have an accurate date.

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Contact Us

• For more information, you can contact us with
  the below details.
• Reliable Bookkeeping Services1/3 Westside
  AvenuePort Melbourne VIC 3207AustraliaContact
  1300 049 534Mail enquiry_at_reliablebookkeepingserv
  ices.com.au