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The 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.<br><br>

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The Process for Preparing the Bank Reconciliation Statement

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  1. Why is the Bank Reconciliation Statement Prepared? • Bank account reconciliation is used to spot discrepancies, duplications, and errors. Even minor mistakes could affect tax reporting and financial reporting. • It can detect fraud, loss, and theft. • It can help address issues with receivables, for instance, unpaid invoices. • This statement provides you with a clear picture of your company’s cash flow.

  2. What is a Bank Reconciliation Statement? The bank reconciliation statement is prepared to compare the balance in the company’s accounting records with its bank account balance. It summarises business and banking activity and confirms that payments have been processed and collected cash has been deposited into a bank account.

  3. The Process for Preparing the Bank Reconciliation Statement • Accessing Bank and Business Records • Check the Starting Balance • Review Transactions • Bank Statement Adjustment • Cash Account Adjustment • Check the Closing Balance

  4. Contact Us Reliable Bookkeeping Services 1/3 Westside Avenue Port Melbourne VIC 3207 Australia Call Now: 1300049534At Reliable Bookkeeping Services, Our aim is not limited to the compliance with Australian Taxation Office but also, understanding that client’s requirement to have “up to date” financial and analytical information, in order that this information will assist them in making the right decision.

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