Bank Reconciliation Template – Excel XLSX

MANAGEMENT ACCOUNTING EXCEL DESCRIPTION

Bank Reconciliation Template is an Excel template (XLSX) available for immediate download upon purchase.

Bank Reconciliation in Excel: Overview
Oak Business Consultant has prepared this Bank Reconciliation Statement Template as a guide for small business owners to prepare Bank Reconciliation without spending money on Accounting services again and again. Our Bank Reconciliation tool simplifies the bank reconciliation process, allowing you to efficiently align your bank statements with your accounting records for accurate financial management. This Bank Reconciliation in Excel is designed to help you maintain accurate accounting records by comparing your cash account balance as per your bank statement to the balance in your cash account ledger, ensuring every transaction is accounted for. Automatically adjust balances for bank fees, service charges, and identify any bank errors. The template also helps manage outstanding checks and makes necessary adjustments to the balance, streamlining your financial close process.

Use of Bank Reconciliation Statement Template
Generally, the adjustments according to the bank statement and the organization's records are not equivalent because of deposits in transit, outstanding cheques, bank charges, the premium earned or paid, etc. A Reconciliation Statement's primary motivation is to recognize, resolve, and appropriately report the contrast between checking accounts and Bank books. With the vast volume of bank exchanges, it gets vital to reconcile the bank with records. This statement will guarantee the proper recording of all bank exchanges. It is, therefore, an internal monetary report of business that clarifies and documents any contrasts between the bank book and the bookkeeping records.

How can this Bank Reconciliation Excel Template Help you?
This Bank Reconciliation Statement Template not only gives you an example of data required to complete this form but also enlists the adjusting entries that you would require as a result of bank reconciliation to make the Accounting Books match with the Bank statement.

How to Use this Template
1. Distinguish uncleared cheques and deposits in transit.
2. Add back any deposit on the transit.
3. Deduct any outstanding cheques.
4. Add notes, receivables, and interest acquired to the balance.
5. Deduct Bank Charges, interest paid, service expenses, penalties, and so on.
6. Match it with the organization's balance. A few entries are missing to report either in the Bank book or not written in the bank statement if the distinction remains.
7. It gives you an adjusted balance.
8. The bank balance should match the changed balance of the Bank Book.
9. Record every different transaction in this Bank reconciliation excel template.
10. Record the General Journal Entry in your accounting system.
11. The Two balances must match now.

Contents of this Template
Here workbook has two files: the Accounting bank record and the reconciliation template. In a book bank, you can record transactions done from the bank daily. Record things like cheques issued, cash deposits, and cash withdrawals. As shown in the screenshot:

The above right corner shows the available bank balance according to the records. This offset never coordinates with the Bank statement because of a few reasons. Whenever you have finished entering information into Bank Book comes the reconciliation part. For this reason, we set up the Bank reconciliation statement where your transactions should match the bank transactions. It is pretty tiring, but it won't take 15-20 minutes if you maintain it daily.

Five steps to Follow:
You have to enter the date of the issue for the bank statement in the given cell. After it, you need to enter the closing bank balance as per the report and the Bank Book's closing balance in the designated cells.
1. Enter the outstanding cheques issued but not presented in the bank.
2. Now enter any outstanding deposits in the designated area
3. Enter any other outstanding adjustments here. These transactions must be in a Book bank, not a Bank statement.
4. Now, balancing is the final step. Variance should be zero.

Benefits of Preparing Bank Reconciliation Statement
1. It thus prevents theft from unauthorized transactions.
2. Secondly, humans can make mistakes. A small error by a bank can cost. Reconciliations help to eliminate them.
3. It helps to company rectify an error made at its end.
4. It helps to manage account receivables.

Source: Best Practices in Management Accounting Excel: Bank Reconciliation Template Excel (XLSX) Spreadsheet, Oak Business Consultant