Excel Accounting 5–Bank Reconciliations-Month 1 & 2

This course will deal with creating financial institution reconciliations after two months of monetary knowledge was entered into an accounting system utilizing Excel.

For many new steps within the course of, you’ll have entry to a downloadable Excel Workbook containing not less than two tabs, one with the reply, the brand new steps accomplished, the opposite beginning the place the prior presentation left off.

We are going to create a financial institution reconciliation for the primary and second months.

The financial institution reconciliation course of is likely one of the most essential inside controls over the accounting system and in addition probably the most misunderstood and poorly taught procedures.

Most individuals assume a financial institution reconciliation’s objective is to double-check the ending steadiness of money, and it’s, partly. Nevertheless, we’re additionally verifying all of the transactions which have concerned money, each will increase, and reduces.

As a result of money is the lifeblood of the enterprise and since each transaction will impression not less than two accounts, as a result of double entry accounting system, verifying money transactions additionally gives an enormous inside management over the remainder of the accounting system, together with the income cycle, the bills cycle, and the worker cycle.

Most textbook issues will train the financial institution reconciliation course of with out offering a financial institution assertion, which may be complicated. We are going to give an instance financial institution assertion we’ll use to carry out our financial institution reconciliation course of.

As we assemble our financial institution reconciliation, we’ll talk about how accounting software program, like QuickBooks, lays out the financial institution reconciliation course of.

We may even talk about a number of the issues usually confronted when getting into the primary financial institution reconciliation.