Bank Reconciliation

Bank reconciliation is a time-consuming but necessary task that needs to be completed on a regular basis.

Creating a bank reconciliation statement on a monthly or quarterly basis will help a business understand its cashflow better, keep its accounts in good standing as well as combat fraud and highight errors early before they impact on a business financially!

 

Need some help with bank reconcilaition?
Jetbooks can help you with your bank reconciliation - completing all the paperwork and ensuring that your bank reconciliation statement is created regularly  andaccurately. Click below to request a quote;

Bank Reconciliation
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Bank Reconciliation Statement

A bank reconciliation statement summarises a business’s financial activity by matching bank account transactions with the internal financial records to confirm that all the transactions in your bank accounts are recorded in your business accounting records – it’s what many people call ‘balancing the books.

The statement will show bank account activity such as withdrawals and deposits, along with any other transactions - depending on the way the business has been set up and whether there is related business entities bank reconciliation can become quite complicated.

The bank reconciliation process serves multiple purposes - such as ensuring any cash takings have been paid into the account, recording any banking fees charged, and is also useful in detecting and preventing any fraudulent activity.

Therefore, while bank reconciliation may be tedious and boring, it is an entirely necessary process to help spot errors and protect the business from overspending or even falling victim to fraudulent activity.

What's Required To Produce a Bank Reconciliation Statement

In order to create a bank reconciliation statement, it is necessary to have statements from both the current month and the previous month, as well as the closing balance of the account.

Generally, a cut-off point for processing transactions on the statement is at the close of business on the previous day, as it is likely that transactions will continue to be made on the day the statement is created.

Most organisations, irrespective of their size, scale, or sector spend huge amounts of time manually checking and matching transactions, preparing and posting journals to complete their bank reconciliations – not exactly what a business owner dreams about when setting up day one.

Bank Reconciliation Service for Irish Businesses

Jetbooks gives you the confidence that your bank reconciliation statement will be created accurately every time!

Complete the form to request a complimentary bank reconciliation consultation.

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