Business Bank Account Reconciliation Planner

Business Bank Account Reconciliation Planner (USA)

Bank account reconciliation is a critical process to ensure your business's financial records match your bank's records. It helps detect errors, prevent fraud, and ensure accurate financial reporting.

This tool will guide you through the standard reconciliation steps and create a personalized plan based on your process.

Following a consistent reconciliation process is a key internal control. This tool provides general guidance; customize it to fit your business needs.

Your Process Core Steps Identifying Differences Final Steps

Your Accounting Process

1. What type of system do you use to track your business finances?

2. How do you obtain your monthly bank statements?

Online Download (PDF or CSV) Paper Statement (Mailed) Both Online and Paper

3. How often do you plan to reconcile your bank accounts?

Monthly reconciliation is highly recommended.

Monthly Quarterly Annually Other Frequency

Core Reconciliation Steps

4. Do you start the reconciliation process with the ending balance from your bank statement?

Yes No Unsure

5. Do you start the reconciliation process with the ending balance from your accounting records (book balance)?

Yes No Unsure

6. Do you match transactions that have cleared the bank against your accounting records?

Checking off cleared deposits and withdrawals in your records.

Yes No Unsure

Identifying Differences

7. Do you identify deposits recorded in your books but not yet on the bank statement (Deposits in Transit)?

Yes No Unsure

8. Do you identify checks or withdrawals recorded in your books but not yet on the bank statement (Outstanding Checks/Withdrawals)?

Yes No Unsure

9. Do you identify bank fees or service charges listed on the bank statement but not yet in your books?

Yes No Unsure

10. Do you identify interest earned listed on the bank statement but not yet in your books?

Yes No Unsure

11. Do you check for any potential errors made by the bank or in your own records (e.g., incorrect amounts, missing entries, duplicate entries)?

Yes No Unsure

Completing the Reconciliation

12. Do you calculate an "Adjusted Bank Balance" by adding/subtracting outstanding items and bank errors from the bank statement balance?

Yes No Unsure

13. Do you calculate an "Adjusted Book Balance" by adding/subtracting bank fees, interest, and company errors from your accounting records' balance?

Yes No Unsure

14. Do you verify that the calculated "Adjusted Bank Balance" and "Adjusted Book Balance" match?

This is the final check that the reconciliation is complete and accurate.

Yes, always verify they match Sometimes, or not formally No Unsure

15. Do you keep a record of your completed reconciliation, including the bank statement and any supporting documents?

Yes No Unsure

Small Business Bank Account Reconciliation Plan

This plan outlines the standard steps for reconciling your business bank account, tailored slightly based on your process inputs.

Regular and accurate bank reconciliation is vital for financial accuracy and internal controls.

Your Reconciliation Process Choices:

System Used: Not Answered

Statement Method: Not Answered

Planned Frequency: Not Answered

Recommended Reconciliation Steps:

Answer the questions and click "Generate Reconciliation Plan".