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.
Collect all bank statements for the reconciliation period, including checking and savings accounts.
Obtain the general ledger and transaction records for the same period as the bank statements.
Match each transaction from the bank statement to the financial records to identify any discrepancies.
List any unmatched transactions and investigate the reasons for discrepancies, such as outstanding checks or deposits in transit.
Make necessary adjustments in the financial records to account for any discrepancies identified during the comparison.
Calculate the adjusted bank balance by accounting for outstanding checks and deposits that are not yet reflected in the bank statement.
Create a bank reconciliation statement that summarizes the adjustments made and confirms that the adjusted bank balance equals the ledger balance.
Have the bank reconciliation reviewed and approved by a supervisor or financial manager to ensure accuracy.
File all supporting documents, including bank statements, reconciliation statement, and adjustments, for future reference and audits.