Bank Reconciliation Checklist ( FINANCE )

This checklist is designed to ensure that all bank transactions are accurately recorded and reconciled with the financial records, identifying any discrepancies to maintain financial integrity.

• Gather Bank Statements

  Collect all bank statements for the reconciliation period, including checking and savings accounts.

• Collect Financial Records

  Obtain the general ledger and transaction records for the same period as the bank statements.

• Compare Transactions

  Match each transaction from the bank statement to the financial records to identify any discrepancies.

• Identify Discrepancies

  List any unmatched transactions and investigate the reasons for discrepancies, such as outstanding checks or deposits in transit.

• Adjust Financial Records

  Make necessary adjustments in the financial records to account for any discrepancies identified during the comparison.

• Calculate Adjusted Bank Balance

  Calculate the adjusted bank balance by accounting for outstanding checks and deposits that are not yet reflected in the bank statement.

• Prepare Reconciliation Statement

  Create a bank reconciliation statement that summarizes the adjustments made and confirms that the adjusted bank balance equals the ledger balance.

• Review and Approve

  Have the bank reconciliation reviewed and approved by a supervisor or financial manager to ensure accuracy.

• File Documentation

  File all supporting documents, including bank statements, reconciliation statement, and adjustments, for future reference and audits.