The Bank Reconciliation process is the process of matching and comparing figures from accounting records (OneLaw) against those presented on a bank statement. The Bank Reconciliation process allows firms to compare their records to the bank’s records in order to uncover any possible discrepancies.
Once the bank reconciliation has been committed, this indicates that all items have been reconciled and all adjusting entries are managed. A report is produced listing any un-deposited receipts and adjusting entries documented for auditability. At reconciliation commitment, no items can be un-reconciled.
Rules
- Reconciliation must be completed for each day of the month for both trust and IBD ledgers, if there were no transactions for that day, a blank reconciliation must be completed
- If a transaction has been reconciled the only thing you can change is the narration
- It is recommended that you download the bank’s CSV’s daily to check for any transactions before assuming it’s okay to create a blank bank reconciliation
- The reconciliation matching process is based on the dollar amount only
- Ensure all bank ledgers are reconciled and clear of bank-side items before committing each bank reconciliation in turn
- A committed bank reconciliation can be deleted if the user has the appropriate permissions