The process for doing bank reconciliations is often far from perfect.
This can be due to a whole host of reasons, including:
- Difficulties Handling the Volume of Reconciliations
- Bank Statements Lacking Information about the Transactions
- Bulk Amounts in Statements/GL Comprising Individual Items
- Timing Differences
- Bank Charges/Fees Altering Individual Transaction Amounts
- Exchange Rates Varying Between Internal Accounting Systems
- 5 Steps to Perfect Bank Recs
This paper breaks down the reconciliation process into the 5 basic, yet essential steps needed to perfect your bank reconciliation processes, irrespective of how complicated and voluminous your reconciliation and data management challenges:
- How to Source your Data in any Format from any Source
- Exploding your Data into the Underlying Transactions
- Enriching your Data Set
- Matching Transactions (on a Variety of Attributes)
- Escalation, Labelling and Analysis of Data
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