20+ Free Download Customizable Bank Reconciliation Templates, And examples
What Is A Bank Reconciliation?
Bank reconciliation is commonly done by businesses and companies to make sure that history records are correct. The data that are usually analyzed are general ledger account, check register, balance sheet, and many more. The companies typically compare the number of transactions and other historical records with the bank statements. If they find differences, they must justify it as soon as possible. It is important to do this procedure even though it is a little bit tricky. You can use our bank reconciliation template for free on this page.
Doing a monthly reconciliation can help you identify some errors or unusual history which can be caused by some frauds of accounting errors.
How Do You Reconciliate The Account?
Doing bank reconciliation can do formally or informally. Many businesses make a bank reconciliation statement so they can do it regularly. You can choose any period you love.
Where Do You Gather The Information?
It is important to make sure that your accounting system will record all the transactions. You can keep it using your data or keep it in the check register. Typically the check register comes in terms of paper or electronic forms. The bank even can provide online access that you can download regularly. At the same time, you also record your transaction using the bank reconciliation template and later use its data to be compared with the statements from the bank.
What Do You Have To Do If The Data Don’t Match?
You probably see some differences. Typically this is happened due to timing and other things that the bank hasn’t verified and checked. However, you need to make these differences easily.
Let’s take an example that you write a check to your vendor you want to reduce your account balance. Then your bank stills show the higher balance before the check hits your account. This is called the outstanding checks.
If later you find discrepancies, you can confirm it to the bank to have more audits. This is why doing bank reconciliation can help you find the bigger issues.
What Are The Importance Of Bank Reconciliation?
There are many advantages to doing bank reconciliation. You can catch the fraud earlier before it is too late. You also can prevent any administrative problems and understand the spending habit.
Check These Useful bank Reconciliation Templates That You Might Need In The Future
Bank Reconciliation Template
You can use this bank reconciliation template to help you records your data before doing reconciliation with the bank. This file is designed to help you understand your financial flow easily. It comes with easier formats.
Bank Reconciliation Worksheet Template
If you don’t have an accounting background, this will be more difficult to reconcile. This template is designed for beginners which help you understand what to write and record. It comes in Excel and Google Sheets which making it easy to fill out.
Doing bank reconciliation is important. Even though banks always work professionally, but they can make some errors, or you probably never noticed that you have just got scammed. Use this bank reconciliation template to ease your work.
Bank Reconciliation Templates Sample