10+ Cash Accounting Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF
Companies always need to check on their finances as their sustainability, progress, or decline, relies on the figures. Accuracy and…
Nov 04, 2019
21+ Reconciliation Statement Templates in PDF
Sep 05, 2023
A report from PaymentsJournal says that each individual in the United States has an average of 5.3 bank accounts. And they’re not just from one bank; they’re from multiple banking insitutions. Because that’s the case, mismatches between a person’s bank account records and book balance could be imminent. They happen because keeping tabs of several bank accounts isn’t easy. Of course, fixing those mismatches is necessary to avoid further financial discrepancies and disputes. How to fix them, you ask? You can fix them through a reconciliation statement. So, here, we’ll introduce you to 22 reconciliation statement templates and samples that you can use. And, we’ll discuss the nature of a reconciliation statement.
Statement Template Bundle
21+ Reconciliation Statement Templates in PDF
1. Reconciliation Statement Template
org.in2. Bank Reconciliation Statement
booksshop.co.uk3. Statement of Intent Reconciliation Template
brisbanenorthphn.org.au4. Client Account Reconciliation Statement
iccrc-crcic.ca5. Bank Statement Cash Reconciliation Template
oracle.com6. Reconciliation Statement Example
bestundertaking.com7. Monthly Reconciliation Statement Template
unlimitedmls.com8. Sample Reconciliation Statement
igcseaccounts.com9. Bank Reconciliation Statement Template
elcita.in10. Reconciliation Statement in PDF
une.edu.au11. Basic Bank Reconciliation Statement Template
vertafore.com12. Checkbook Reconciliation Statement Template
thetaxbook.com13. Fiscal Court Bank Reconciliation Statement
fiscalsoft.com14. Travel Reconciliation Statement
mhc.wa.gov.au15. Example of Bank Reconciliation Statement
images.iskysoft.com16. Foundation Reconciliation Statement
cameron.edu17. Account Reconciliation Statement
cilex.org.uk18. Truth and Reconciliation Statement
frpbc.ca19. Assurances Reconciliation Statement
steel.gov.in20. Sample Bank Reconciliation Statement
dineshbakshi.com21. Bank Reconciliation Statement Format
dineshbakshi.com22. Bank Reconciliation Statement True or False
dineshbakshi.comWhat Is a Reconciliation Statement?
A reconciliation statement is a document that helps in determining the mismatches between the records of a book balance and bank account. It showcases a detailed analysis of which transactions caused discrepancies. These transactions could be payment situations, money withdrawals, money transfers, and many more. Another culprit behind discrepancies is an improper cash handling procedure. It’s called a reconciliation statement because it reconciles the differences between bank and book records. In other words, it harmonizes them. Bank and book records need to match to avoid fraud and to fix accounting errors promptly.
How to Create a Reconciliation Statement
The person responsible for preparing reconciliation statements is usually accountants. So, if you’re an accountant, you already how this reconciliation works and how to do it. After all, reconciliation is also an accounting process. But, if you’re not an accountant, you should at least familiarize yourself with it. We never know. You might face financial disputes concerning your bank accounts and book balance. It’s important to be aware of your finances and be involved in fixing them when needed.
Regardless if you’re an accountant or not, here are four basic steps in formulating a reconciliation statement.
Step 1: Gather All Documents
First of all, you must collect all the financial documents. That includes receipts, invoices, previous balance sheet docs, ledger sheets, and cheques. Without them, it’ll be impossible to trace the root cause of the errors. Those documents are proof that a certain transaction took place. Simply put, you can’t start reconciling the financial records if they’re not present for reference.
Reconciling records without referring to relevant financial documents is a fraudulent act. If you’re an accountant, for sure, you’re aware of that. Your accounting license is at stake if you do it. With those in mind, keeping past financial documents and records is an important practice.
Step 2: Check the Debit and Credit Sides
The overlooked transaction between a debtor and creditor are the primary culprits most likely. That said, you must check both the debit and credit sides of the records. Compare the two of them to see if they connect accurately. If not, then there’s a problem. In that case, you have to backtrack and refer to the gathered documents.
If you didn’t detect any anomalies at first glance, that’s good. But for assurance, make sure to doublecheck.
Step 3: Correct Every Error
Once you’ve found the cause of the mismatches, make the necessary correction directly. In this step, you can use a separate worksheet for a better view of the process. The separate worksheet can function as your draft. When don, you can integrate it into the reconciliation statement doc itself later on. And yes, you must also do a doublecheck as much as the previous step.
Step 4: Identify Whether the Total Balance Is a Match
After you’ve made corrections, that’s the time to calculate the total balance of the bank account and the book. If they match, that means everything is fine. But in reconciliation, you can never be too sure. So, again, you need to doublecheck. On the contrary, if the total balance of the two didn’t match, you missed something. So you have to review the whole process again. When everything is final and polished, present the reconciliation statement to both parties.
There’s no standard or exact format to follow in creating a reconciliation statement. As long as it clearly outlines a solution to the discrepancy, it’s acceptable.
FAQs
What are the kinds of reconciliation statements?
The following are the specific types of reconciliation statements:
- Personal bank reconciliation
- Payment reconciliation
- Petty cash reconciliation
- Credit card reconciliation
- Checkbook reconciliation
- Vendor reconciliation
- Customer or client reconciliation
What are the purposes of a reconciliation statement?
These are the most common reasons why accountants prepare reconciliation statements:
- Cash flow verification
- Mitigate and eradicate account records
- Prevent financial loss
- Catch fraudulent activities
Do you need to pay to get a reconciliation statement?
If it’s the bank requesting a reconciliation statement, they don’t need to pay for it. They have their own accountants. But, if it’s the bank account holder who’ll be requesting, he or she might have to pay for an accountant.
Reconciliation statements are vital in the financial world. They’re the best solution to clear up questionable records. You need to acquaint yourself with them to keep your accounts clean and precise. So if you haven’t yet, don’t forget to check out the templates and samples we displayed here.
Read related blog Articles
See All
10+ Profit Margin Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF
Every businessperson with a strong desire for business keeps profits and losses at the center of attention. The vigilance of…
Nov 03, 2019
10+ Revenue Cycle Management Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF
Customer care and optimizing the opportunities for revenue growth is the concern of revenue cycle management. Insurance companies, service providers,…
Oct 29, 2019
20+ Budget Request Form Templates in PDF | DOC
Whenever there is an upcoming department or project in the company, employees need to submit a budget proposal determining the…
Oct 25, 2019
10+ Limited Liability Partnership Agreement Templates in DOC | PDF
An agreement which defines the formalities between two partners in a Limited Liability Partnership is formulated for licensed individuals who…
Aug 20, 2019
10+ Insurance Liability Checklist Templates in PDF | Word
Insurance liability or liability insurance enlist certain risk financing aspects in the policy to protect the insurer from vulnerable situations.…
Aug 20, 2019
5+ Petty Cash Register Templates in PDF | XLS
Petty cash or petty flow of cash is a small quantity of cash that is spent without issuing any checks.…
Aug 06, 2019
21+ Reconciliation Statement Templates in PDF
A report from PaymentsJournal says that each individual in the United States has an average of 5.3 bank accounts. And…
Aug 05, 2019
8+ Sales Register Templates in DOC | Excel | PDF
The sales register exhibits the monthly summary of sales transactions and closing balances. The list of transactions applicable to each…
Aug 05, 2019