Get the free Bank Reconciliation Worksheet - FCMAT

Bank Reconciliation Worksheet Name of School: ASB Bank Reconciliation Worksheet Name of Bank: Account Number: For the Month of: A. Ending Balance per Bank Statement G. Balance per Accounting Records:

How to fill out bank reconciliation worksheet

How to fill out a bank reconciliation worksheet:

1. Gather your bank statement: Start by obtaining your bank statement for the period you want to reconcile. This statement should include all the transactions that have taken place during that time.
2. Compare transactions: Next, compare each transaction listed on your bank statement with the transactions recorded in your accounting system. This includes deposits, withdrawals, checks issued, and any other expenses or income that have been recorded.
3. Note discrepancies: As you compare the transactions, make note of any discrepancies or differences between the bank statement and your records. This could be due to timing or errors in recording.
4. Adjustments: Make any necessary adjustments to your records to align them with the bank statement. This may involve adding or subtracting transactions, correcting errors, or addressing any discrepancies.
5. Reconcile bank balance: After making the adjustments, calculate the adjusted bank balance by adding or subtracting any outstanding checks or deposits that have not yet cleared with the bank.
6. Reconcile book balance: Calculate the adjusted book balance by adding or subtracting any outstanding transactions that have not yet been recorded in your accounting system.
7. Compare balances: Compare the adjusted bank balance to the adjusted book balance. They should match. If they don't, recheck your work and make any necessary adjustments until they align.

Who needs a bank reconciliation worksheet?

1. Businesses: Businesses of all sizes and types can benefit from using a bank reconciliation worksheet. It helps them ensure their financial records are accurate and identify any discrepancies or errors.
2. Individuals: Individuals who have multiple bank accounts or complex financial transactions can also benefit from using a bank reconciliation worksheet. It helps them track and reconcile their personal finances effectively.
3. Accountants: Accountants and financial professionals often use bank reconciliation worksheets as part of their regular accounting processes. It helps them ensure the accuracy of financial statements and identify any discrepancies or errors that may require further investigation.

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What is bank reconciliation worksheet?

The bank reconciliation worksheet is a tool used to compare the bank statement with the company's accounting records to ensure they match.

Who is required to file bank reconciliation worksheet?

All businesses and organizations that have bank accounts are required to file a bank reconciliation worksheet.

How to fill out bank reconciliation worksheet?

To fill out a bank reconciliation worksheet, you need to compare the transactions on the bank statement with the transactions in the company's accounting records, and make adjustments for any differences.

What is the purpose of bank reconciliation worksheet?

The purpose of the bank reconciliation worksheet is to ensure that the company's accounting records are accurate and complete by reconciling them with the bank statement.

What information must be reported on bank reconciliation worksheet?

The bank reconciliation worksheet must report the ending balance on the bank statement, adjusted cash balance, outstanding checks, deposits in transit, and any bank errors.