Workflow Templates: Bank Reconciliation checklist

Obtain the most recent bank statement for the account being reconciled.

Collect all bank receipts, deposit slips, and notes of any bank errors.

Ensure access to the general ledger or the accounting software's bank register for the same period as the bank statement.

Confirm that the opening balance on the bank statement matches the opening balance in the accounting records.

Check each transaction in the accounting records against the bank statement to confirm they match in date, amount, and description.

Mark all matching transactions as cleared in the accounting software or on your reconciliation worksheet.

List any outstanding checks or deposits in transit that are recorded in the accounting records but not yet reflected on the bank statement.

Identify any bank errors such as incorrect amounts, duplicate charges, or unauthorized transactions.

Record any bank fees or interest income not previously recorded in the company's books.

Subtract any outstanding checks and add deposits in transit to the ending balance on the bank statement.

Make any necessary journal entries for bank errors, fees, and interest transactions.

Update the bank reconciliation statement to reflect the adjusted bank balance.

Ensure that the adjusted bank balance matches the adjusted book balance.

Resolve any remaining discrepancies by rechecking all transactions and making additional adjustments if needed.

Have the bank reconciliation reviewed and approved by a supervisor or another authorized person.

Bank Reconciliation checklist