|
Your Typical Bank Reconciliation Methods
|
How Its Done Here
|
|
Printing the new General Ledger sheets for the month.
|
Here, in VEFT, you easily load the GL data. |
|
Getting the bank statement sheets from the bank.
|
Easily load the bank data.
|
|
Copying the previous month's reconciliation spreadsheet.
|
|
|
Examine the bank statement sheet items by item and ticking them on the General Ledger,
Accounts Payable or Accounts Receivable print out.
|
Here you easily match thousands of transactions in minutes.
|
|
Comb back through the bank statement and for each unticked item there determine
the cause (review the accompanying advice/slip or contact the bank) and note the
action to be taken to clear. If it is legitimate, then it should be booked to GL,
if an error then the bank should reverse or the matter be escalated to a different
pay grade.
|
Here we categorize the exceptions for grouped printing.
|
|
Transfer the exceptions in detail to the spreadheet in ranges of similar types eg.
"Unpresented Checks". Exceptions being those unticked items on statement and GL/AP/AR
sheets.
|
Automatic.
|
|
Insert headings, total and format the various spreadsheet exception ranges. Paying
special attention to making the totals negatives or positives for the next step.
|
Automatic in VEFT.
|
|
Create the Reconciliation Summary Report (or reuse an existing one) in a spreadsheet.
This report summarizes the total of expected exceptions such as "Unpresented Checks",
"Deposits in Transit" and "Bank Charges". It also details those unusual exceptions
you decide to be worthy of upfront special mention.
|
Automatic in VEFT.
|
|
Balance the Reconciliation Summary Report, researching and removing as best as possible
the causes of any reconciliation difference.
|
Automatic in VEFT.
|
|
Print the Reconciliation Summary Report.
|
Automatic in VEFT.
|
|
Print the various exception ranges.
|
Automatic in VEFT.
|