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Literature review on bank reconciliation

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From: Thomas H.
Category: mary shelley
Added: 22.04.2021
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Bank reconciliation is the process of comparing and matching the internal financial records with the bank records. The cash balance in the balance sheet should match the bank statement. The goal of creating a bank reconciliation statement is to ensure that the cash records of your business are correct, and the bank balance is equal to the balance in your financial records. In addition, the reconciliation process helps in detecting frauds and accounting errors.
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How to Do Bank Reconciliation?

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Understanding Bank Reconciliation and How It Works

As a CEO, business owner, or executive director at a small or mid-sized company or organization, it is essential that you review bank reconciliations on a monthly basis. While some may consider this a finance or accounting function, small companies and organizations unfortunately often are unable to create an ideal segregation of duties due to limited resources and staffing. In a perfect world, there would be an individual with no access to cash who would perform the bank reconciliation, along with many other controls over vendor management and purchasing, which would help deter and detect potential fraud. However, at smaller organizations there is often only one employee performing substantially all the accounting and finance functions.
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Understanding Bank Reconciliation and How It Works

The bank reconciliation process involves comparing the internal and bank records for a bank account , and adjusting the internal records as necessary to bring the two into alignment. The bank reconciliation process is usually accomplished with the bank reconciliation module in an accounting software package. Assuming that this is the case, follow these steps to complete a bank reconciliation:. Access bank records.
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The statemen t outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud. Bank reconciliation statements ensure payments have been processed and cash collections have been deposited into the bank. The reconciliation statement helps identify differences between the bank balance and book balance , in order to process necessary adjustments or corrections.
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