Our teams offer comprehensive services on all aspects of preparing bank: such as
Gather the necessary information: we Collect the bank statement, check register, and any other relevant financial documents.
Compare the beginning balances: we compare the beginning balance on the bank statement with the beginning balance in the company’s accounting system.
Record any outstanding checks or deposits: we identify any checks that have been issued but have not yet cleared the bank, as well as any deposits that have been made but have not yet been credited to the account.
Reconcile the transactions: we match the transactions on the bank statement with the transactions in the company’s accounting system. Identify any discrepancies and make the necessary adjustments.
Review and finalize the reconciliation: we Review the bank reconciliation to ensure that all adjustments have been properly recorded and that the cash balance is accurate.
Preparing bank reconciliations is an essential task in it involves comparing the transactions recorded in the company’s accounting system with the transactions recorded by the bank. The purpose of bank reconciliations is to identify any discrepancies between the two sets of records and to ensure that the company’s cash balance is accurate.