Month-end bank reconciliation is one of the most common time-consuming activities when trying to close the month. With a few process changes, bank reconciliation can be performed daily. Month-end bank reconciliations simply become one more daily activity.
Describing the process to accomplish daily bank reconciliations is the focus of this recipe.
Before a company can perform daily bank reconciliations, bank reconciliations need to be current. If a company's reconciliations are out of balance, the accounts will need to be balanced to the last statement before moving to daily reconciliations.
Additionally, companies will need access to the daily transactions from their bank. ...