What is a Bank Reconciliation Form?

free printable bank reconciliation form template excel

With all the transactions that happen within a financial period in a company, you would want to make sure that the balance of the funds between all the bank transactions is correct when compared with the bank account statement. This is where a bank reconciliation can be used as a tool to help the process.

By using this form, you will be able to automate the process of all the bank transactions that have been recorded by the company. This way, it will be more time-efficient when you have to compare it to the account balance statement that is issued by the bank too. It can be a really helpful tool during the audit time of the company as well.

A bank reconciliation is a process to compare the financial report of the company with the report or statement of the bank especially for all the transactions that have happened in a period. You will have to compare some details and information, such as the transactions and total amount of funds that is stated in the company’s financial report and bank statement.

The purpose of doing a bank reconciliation is to check ifthere are some mistakes made during the transaction’s record or if there’s been fraud in the company, etc. There have been many cases where the company’s financial report has recorded a transaction but it cannot be found in the bank statement transaction details.

When that happens, it could be because the check that has been issued by the company has not been deposited by the receiver. Without a bank reconciliation, this kind of mistake will be quite hard to detect and could potentially be a huge loss for the company. If reconciliation is needed, then a bank reconciliation form is the first thing that you have to fill out.

Other than avoiding mistakes by the staff of the company, it can also be a tool to detect if the bank does any mistakes too. There are different kinds of mishaps that might be detected during this process.

Some of the regular mistakes that can be found during a reconciliation process are duplicates of receipts, the bank might have missed a record of a transaction (or more), data entry that is not neatly organized, and many more. The bank reconciliation process can help you find and trace the mistake in the financial statement of the company and also to avoid potential losses in the business.

Overall, it can also improve the business operation side of the company too especially in determining strategies to improve the efficiency of the staff and system that is used. At the bottom of this page, you will be able to download an example of this type of form for free too.

Bank Reconciliation Form | Excel – download

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What is a Bank Reconciliation Form? | Matilde Greco | 4.5

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