5 Steps to Perfecting Your Bank Reconciliation Processes

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:

  1. How to Source your Data in any Format from any Source
  2. Exploding your Data into the Underlying Transactions
  3. Enriching your Data Set
  4. Matching Transactions (on a Variety of Attributes)
  5. Escalation, Labelling and Analysis of Data

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