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#561635 - 06/02/06 06:59 PM Bank Reconciliation Report
LittleBit Offline
New Poster
Joined: Nov 2005
Posts: 6
TN
I am currently reviewing our accounting department for bank reconciliations. If you have completed a bank reconciliation review and have a sample bank reconciliation report I am looking for one. I am lost on how to report this.

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Audit
#561636 - 06/05/06 09:13 PM Re: Bank Reconciliation Report
Otis Offline
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Otis
Joined: Dec 2005
Posts: 22
MN
I assume correspondent bank reconciliations, and using a standard reconciliation book listing debits (ours and theirs) under the side of the statement balance, and credits (ours and theirs) under the side of the g/l bank balance, then adding up both sides, hoping to balance. In classic accounting, however, it's stylish to simply reconcile from the bank statemenet back to general ledger.

Review last month-end reconciliation; agree ending balance from actual correspondent bank statement, agree ending balance from the general ledger account to the reconciliation.

Note dates on reconciling items, look for stale date items. Test these by checking prior reconciliations for the same items and making sure dates are not being refreshed on stale items. Trace reconciling items to statement or g/l, and test propriety. Test the date that each material reconciling item finally clears. For your w/p, just grab a photocopy of the reconciliation and document that you did all the above.

Many banks are still working out of old-style reconciliation books. I find that a spreadsheet is a nice way to go, if they can manage it.

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#561637 - 06/05/06 09:15 PM Re: Bank Reconciliation Report
Otis Offline
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Otis
Joined: Dec 2005
Posts: 22
MN
Oh yah--for the control, see that a supervisor is signing off on the reconciliation, and if staff size permits, the reconciler does not make entries to the g/l account.

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