What Are the Steps for Payment Reconciliation?

Bank reconciliation means that at the end of each month, the cashier of the company checks the bank deposit journal of the company with the bank deposit statement of the current month from the bank that opened the account, checks the account that has been reached, and finds the account that has not been reached And the process of compiling monthly bank deposit balance adjustment table. The bank software reconciliation function is performed in the accounting software. The specific steps include the initial data entry for bank reconciliation, the bank statement entry for the month, reconciliation, and the preparation of bank deposit balance adjustment tables. ^[1]

Bank reconciliations

Right!

Bank reconciliation means that at the end of each month, the cashier of the company checks the bank deposit journal of the company with the bank deposit statement of the current month from the bank that opened the account, checks the account that has been reached, and finds the account that has not been reached And the process of compiling monthly bank deposit balance adjustment table. The bank software reconciliation function is performed in the accounting software. The specific steps include the initial data entry for bank reconciliation, the bank statement entry for the month, reconciliation, and the preparation of bank deposit balance adjustment tables. ^[1]

Chinese name

Bank reconciliations

Foreign name

Bank reconciliation

Definition

Bank deposit check

Meaning

The most important means to ensure the security of funds

Bank reconciliation under the method of accounting information

First, the realization of bank reconciliation

The role of bank reconciliation is to check the balance of the bank deposit journal and the reconciliation of the bank deposit by adjusting the balance between the corporate bank deposit journal and the bank statement provided by the bank that opened the account. The subsequent bank statement balances match. The implementation principle of bank reconciliation under the accounting information mode is shown in [Figure 1].

When the accounting voucher is recorded in the accounting subsystem, the bank account records involved in the bank voucher are saved to the bank outstanding account file; the user enters the bank statement record and saves it to the bank statement file; The bank's unaccounted documents are reconciled with the bank statement documents to generate a balance reconciliation statement.

Implementation steps and precautions for bank reconciliation

Under the method of accounting information, enterprises should follow the following steps when implementing bank reconciliation.

1. Enter the opening balance of the bank reconciliation

In order to maintain the continuity of bank reconciliation, the opening balance of the bank reconciliation at the date of reconciliation enablement must be entered into the system so that future bank reconciliation can be performed correctly. Here, we must pay attention to the following two points:

(1) Understand the meaning of the date when bank reconciliation is enabled. The start date of bank reconciliation should be the day after the deadline for the last manual reconciliation. For example, if an enterprise conducts reconciliation with the account-opening bank at the end of each month, if the account reconciliation subsystem bank reconciliation is enabled from March 2005, because the deadline for the last manual reconciliation is February 28, 2005, bank reconciliation The activation date should be March 1, 2005.

(2) Understand the meaning of opening balance of bank reconciliation correctly. The opening balance of bank reconciliation includes two aspects: one is the balance before adjustment of the bank statement and the balance before bank journal adjustment on the closing date of the last manual reconciliation; the other is all outstanding accounts up to the deadline of the last manual reconciliation. . As in the above example, the opening balance of the bank reconciliation includes the balance before the adjustment of the bank statement on February 28, 2005, the balance before the adjustment of the bank journal on February 28, 2005, and all outstanding accounts as of February 28, 2005. item. It should be ensured that the adjusted bank statement balance is equal to the adjusted bank journal balance.

2. Get the bank statement for the current month from the bank that opened the account and enter it into the system

Generally, an enterprise obtains a bank statement from the bank that opened the account at the end of each month. After obtaining the bank statement, the bank statement records should be entered into the system one by one, so that the system can perform bank reconciliation. For companies with a lot of banking business, the speed at which statements are entered will become a bottleneck that restricts the overall efficiency of bank reconciliations.

3. Perform bank reconciliation

The system generally provides automatic reconciliation and manual reconciliation. When conducting bank reconciliation, the following method and sequence should be followed.

(1) First set the basis for the system's automatic reconciliation and the reconciliation deadline. Automatic reconciliation can generally be performed according to the same amount direction, the same settlement method, and the same ticket number. Only when the automatic reconciliation basis is set can the automatic reconciliation function provided by the system be used for automatic reconciliation. In addition, when the bank reconciliation cannot be performed on the bank statement record deadline in time, it is particularly important to set the reconciliation deadline. If it is not set properly, because the bank's deadline is not the same as the bank statement deadline, Reconciliation errors may occur during automatic reconciliation. Assume that the company conducts reconciliation with the bank at the end of each month and that the bank statement record deadline is at the end of each month. If the reconciliation is not timely at the end of a certain month and it is transferred to the reconciliation of the next month, all the banking business that occurred at the beginning of the next month to the actual reconciliation date will be mistaken for the outstanding account. Therefore, companies must pay enough attention to this issue, and in order to reconcile correctly, the reconciliation deadline must be set correctly.

(2) Use the automatic reconciliation function provided by the system for automatic reconciliation. In the information mode, automatic reconciliation greatly reduces the workload of manual reconciliation and is a key link to improve the overall bank reconciliation efficiency. Therefore, enterprises must make full use of the automatic reconciliation function provided by the system. However, automatic reconciliation does not mean that everything is fine, and companies must pay special attention to this. Because automatic reconciliation does not solve all reconciliation issues, it can only check one-to-one records in the bank's unaccounted documents and bank statement documents, and for one-to-many, many-to-one, or many-to-many situations It seems helpless. For example, for some reason, the bank issuing bank may record the two bank deposit expenses recorded by the company as a single record. If this is the case, when using the automatic reconciliation function for automatic reconciliation, all three records may be treated as outstanding accounts. ^[2]