Introduction to Bank Reconciliation Process
These set of articles provide a brief introduction to Bank Reconciliation Process. This topic not only discusses the meaning of bank reconciliation process but also discusses how this process in handled in new age ERPs and Automated Reconciliation Systems.
Bank reconciliation process is targeted to validate the bank balance in the general ledger and one of the most critical controllership processes. Learn the what, why and how of bank reconciliation process. Also get insights into how this is managed in modern ERPs and automated reconciliation systems. Proper completion of the Account Reconciliation Process is fundamental to ensuring the balance sheet is properly stated. Personnel with responsibility for Account Reconciliations hold key Controllership responsibilities.
A quick introduction to Bank Reconciliation Process. A must for folks working on General Ledger, Cash Management, Treasury and other functions involving bank reconciliation. Very good learning tool for IT professionals working on ERPs or automated recon systems to gain functional expertise on bank reconciliation process.
The learning objectives of this capsule are:
Learn the meaning of Account Reconciliation and its importance in controllership process
Meaning of Bank Reconciliation Process and its Importance
Understand the Cash Clearing Concepts and complete Process
Learn the steps in Automated Bank Reconciliation along with steps in Manual Bank Reconciliation
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Introduction to Bank Reconciliation Process
These set of articles provide a brief introduction to Bank Reconciliation Process. This topic not only discusses the meaning of bank reconciliation process but also discusses how this process in handled in new age ERPs and Automated Reconciliation Systems.
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In automated clearing, Bank statement details are automatically matched and reconciled with system transactions. Learn how this process works and what are the perquisites to enable the same.
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Before we dive into cash management, let us fist understand what we mean by cash and what constitutes cash in context of cash management process.
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Cash Clearing – Accounting Entries
The Cash Clearing process enables you to track amounts that have actually cleared your bank. Learn the steps and accounting entries that gets generated during the cash clearing process.
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Bank reconciliation process is targeted to validate the bank balance in the general ledger and explain the difference between the bank balance shown in an organization's bank statement. Learn the reasons for existence of differences between the two.
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Learning objectives for this lesson are: Meaning of Order to Cash Process; Sub Processes under Order to Cash; Process Flow for Order to Cash; Key Roles & Transactions; Key Setups/Master Data Requirements.
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In manual clearing, Bank statement details are to be matched manually considering certain rules. Learn the steps involved in manual clearing of bank transactions.
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Have you ever wondered what is actually a Bank Statement and why it is needed. What is the information that is available in a bank statement?
