Resolving unmatched bank transactions is one of the top concerns that banks deal with daily. Having accurate records on their members’ financial information is essential for their success. That is why there is a process known as bank reconciliation. What it is? Read on to know more and view some examples of documents used for the reconciliation process.

FREE 15+ Bank Reconciliation Samples

1. Bank Reconciliation Template

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Size: A4 & US

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2. Bank Reconciliation Worksheet Template

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3. Bank Reconciliation Handbook Template

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4. Bank Reconciliation Statement

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Size: 10 KB

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5. Example of Bank Reconciliation Template

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6. Bank Reconciliation Example

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7. Bank Reconciliation Template

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8. Bank Reconciliation Report Template

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9. Bank Reconciliation and Transactions Template

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10. Bank Reconciliation Statement in PDF

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Size: 600 KB

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11. Bank Reconciliation Guide Template

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12. Performa of Bank Reconciliation Sample

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13. Bank Reconciliation in Word Template

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14. Printable Bank Reconciliation Template

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15. Bank Reconciliation Sheet Template

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How to Do a Bank Reconciliation

Bank reconciliation is a challenging and time-consuming process, but it is essential for ensuring that banks have the correct details and claims of their members. How can you do a bank reconciliation easily? Well, just keep the following tips in mind as you verify and fulfill every necessary bank transaction:

1. Prepare Your Documents

To reconcile means to restore or recreate the relations between coexisting elements. And when applied to the banking industry, it would mean that there’s more than one document or financial form to prepare on hand for the reconciliation. Now, you may ask what documents you should have? To answer this, you should first determine why you need the reconciliation, including what area you have to reconcile. Once that’s figured out, you will be able to know what sorts of paperwork you will be needing. For instance, if your reasons for the reconciliation is to make your payroll information match your bank statements, then the two forms are the ones you have to have.

2. Make Adjustments to the Database or Records First Before Comparing

You might think that it’s best to compare numerical differences by holding two documents with your hands, but it’s not! You will only be more confused as you proceed with determining the mismatched items. So, enter the adjustments first into the database before making any comparisons. And of course, most banks use software application programs to ease any bank transaction, so utilize the program’s function of comparing two items if there is a button for it. On the one hand, if there’s none, then compare the differences and involved items on your own by making remarks on the database entries.

3. Document the Changes and the Fulfilled Reconciliation Process

According to Global Banking and Finance, one of the most essential commodities for banks is accurate data from their customers and members. And that’s why, with every change and alteration or update, banks must have it on record, including reconciled accounts and details. Therefore, the need for making and filling up financial journals, such as payroll journal entries, becomes one of your responsibilities once you complete the reconciliation process.

Also, you must remember that bank reconciliations only work if you have and will provide the right details to be reconciled. So, better review and check your documents and be vigilant of the reconciliation process so that you won’t have errors.

What is a bank reconciliation?

Bank reconciliation is a process that banks take to match information and records to the bank statement forms. With this process, banks will have accurate and quality records, especially for customers who seldom update their accounts and data.

Why is bank reconciliation important?

The main reason why bank reconciliation is important is to avoid incorrect information or fraud records. One mistake or error in the records of a bank can cause a lot of harm, be it in the area of account transferring or sending money to third parties.

Can I use electronic documents instead of printed ones?

Be it you’re using electronic PDF legal forms, and financial statements or printed copies of these for your bank reconciliation process, their roles and uses in the process remain the same. However, if you prefer convenience, then electronic forms will serve you well. On the one hand, if you already have printed copies of any document you need, then it’s not necessary for you to create a softcopy of it, just use it as-is, since all you need is the data stated in the document.

Can I also conduct bank reconciliation procedures for updating and ensuring that my financial details and statements don’t have duplicates?

Yes, you can conduct bank reconciliation procedures for omitting information duplication. In fact, you can also do it for the purpose of inputting new amount computations, for as long as every changed piece of information will be accurate.

When should I conduct bank reconciliations?

When you own an account at a bank or any financial institution, you must check and review your bank reports, records, and financial information on a quarterly basis. On the one hand, if you deal with payroll and other financial transactions involving many other parties, then it’s a wise decision to check and make bank reconciliations every month.

To conclude, bank reconciliations are essential, not only for the account holders of a bank but also for the staff members. Why? Because with updated and accurate reconciliations, staff members who will be using the changed information will be able to conduct bank transactions without any delays. Third parties, on the other hand, benefit from the bank reconciliations when they get affiliated with the bank. Specifically, they will also be able to have a smooth flowing transaction if accurate data and information are in the accountholder’s records.

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