Financial
Manual 1-5 and back of record keeping form
Things
to think about:
your reconcilation should be done
once a month
when your reconciliations are done
properly you will find it easier to find errors and make changes as
you will only need to check one months entries
Financial Training
Reconciliation
Each
month you should be reconciling the record keeping form to the bank
records to ensure that all your entries have been done correctly and
to assist in spotting any bank errors.
To
complete your bank reconciliation follow the following steps:
check
off all the deposits and cheques which have cleared the bank on
your record keeping form
verify
that the amounts on your records are the same as the amounts on
the bank records
verify
that all entries on the bank record have been entered in your
records
total
all outstanding cheques and total all outstanding deposits
subtract
the outstanding cheques from your bank record and add the outstanding
deposits to your bank record
the
balance of the reconciled bank record should be the same as the
running total of your records.
if
there are differences check each entry again, check your addition
and subtraction for the reconciled amount and make adjustments
as required.
If
this is done every month you will have no problems balancing your
books at year end as each month has already been done
Sample of Reconciliation
Sheet on back of Spread Sheet
