WHAT A BANK RECONCILIATION TEMPLATE CAN DO FOR YOU
Reconciliation of company bank accounts should be done every month as it helps in keeping the finances intact
. A bank reconciliation template is readily available online to reconcile your accounts with the bank if you do not have any integrated in your business applications. It provides clarity on your cash based assets and liabilities. Reconciliation as a process is useful for self employed as well as salaried people. For salaried folks, a bank reconciliation template acts as a ready outlet to ascertain their outstanding balance or expenses for the month. These templates are available for free online and available in different formats. One can completely rely on these as they are accurate. Hence, the end results of the calculations are usually error free.
As the bank account statements are generated on a monthly basis, the responsible finance officer has to reconcile the accounts immediately to throw up any differences. A bank reconciliation template remains the same across months, but closing amounts and numbers of transactions vary from month to month. Business organizations have various functions and departments who incur expense on daily, weekly and monthly basis. Then there are certain charges and taxes levied on the kind of expense these functions incur. Hence it becomes critical to track and follow up on each one of these expenses. Bank reconciliation helps in collating the expenses per function periodically, especially if they operate separate accounts. It becomes easy to ascertain the amount and nature of such charges.
While reconciling the finances, one gets a fair idea of available cash which could be more, or less than the bank statement balance, depending on outstanding items. An added advantage here is that it also shows the expenses simultaneously against the available cash flow. Hence, it gives a bird's eye view of the financial position to the owner of the business. For payments done through checks, it takes time to reach to the drawer's bank and could stand as reconciling items. Manual calculations could be inaccurate and depict an incorrect picture. On the other hand, these templates are easy to understand and a layman can easily use them. However, it is recommended to get the reconciliation done through experts to ensure the right account types have been selected.
WHAT A BANK RECONCILIATION TEMPLATE CAN DO FOR YOU
By: Pinky Savika
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