How to Perform a Bank Reconciliation in Melbourne

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How to Perform a Bank Reconciliation in Melbourne
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How to Perform a Bank Reconciliation in Melbourne
1. The bank reconciliation is an important task
that any bookkeeper must be able to perform.
2. Its also something that you should know how
to do, so you can verify that your bookkeeper is
doing it correctly and to the best of their
ability.
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3. This guide will show you step-by-step how to
perform a bank reconciliation in Melbourne,
Australia, and make sure your business finances
are always up-to-date.
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Why perform bank reconciliations?
1. A bank reconciliation is an important part of
maintaining accurate financial records for your
business.
2. It ensures that the money in your bank account
matches the records in your accounting system.
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3. This can help prevent errors and fraud. Plus,
it can help you find mistakes so you can correct
them.
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What does your accountant want from you?
1. Before your accountant can reconcile your
books with the bank statements, they need some
information from you.
2. They'll need a complete list of all
transactions that have taken place since the last
reconciliation, as well as any outstanding checks
or deposits.
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3. This information will help them match up your
records with the bank's records and identify any
discrepancies.
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What does your auditor want from you?
1. Your auditor wants you to provide
documentation that proves you have completed a
bank reconciliation and have found and corrected
any errors.
2. They also want to see that you have reviewed
your records for accuracy and completeness.
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To perform a bank reconciliation, you will need
the following
1. A list of all transactions that have cleared
your bank account
2. Your checkbook register
3. Your most recent bank statement
4. Any outstanding checks
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5. Any outstanding deposits
6. A calculator
7. Pen and paper
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Contact us
Call us 1300 049 534
Website www.reliablebookkeepingservices.com.au
Email 1/3 Westside Avenue Port Melbourne VIC
3207 Australia