{"id":204,"date":"2024-04-03T11:35:55","date_gmt":"2024-04-03T11:35:55","guid":{"rendered":"https:\/\/www.thekgac.com\/blog\/?p=204"},"modified":"2024-04-12T10:46:18","modified_gmt":"2024-04-12T10:46:18","slug":"a-bank-reconciliation-audit","status":"publish","type":"post","link":"https:\/\/www.thekgac.com\/blog\/a-bank-reconciliation-audit\/","title":{"rendered":"A bank reconciliation audit"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/www.thekgac.com\/blog\/wp-content\/uploads\/2024\/04\/WhatsApp-Image-2024-04-12-at-4.13.02-PM.jpeg\" alt=\"\" class=\"wp-image-269\" srcset=\"https:\/\/www.thekgac.com\/blog\/wp-content\/uploads\/2024\/04\/WhatsApp-Image-2024-04-12-at-4.13.02-PM.jpeg 800w, https:\/\/www.thekgac.com\/blog\/wp-content\/uploads\/2024\/04\/WhatsApp-Image-2024-04-12-at-4.13.02-PM-300x300.jpeg 300w, https:\/\/www.thekgac.com\/blog\/wp-content\/uploads\/2024\/04\/WhatsApp-Image-2024-04-12-at-4.13.02-PM-150x150.jpeg 150w, https:\/\/www.thekgac.com\/blog\/wp-content\/uploads\/2024\/04\/WhatsApp-Image-2024-04-12-at-4.13.02-PM-768x768.jpeg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-1700e8319d7d0c43e3b5fcbd9c3618ed\">\ud835\uddd4 \ud835\uddef\ud835\uddee\ud835\uddfb\ud835\uddf8 \ud835\uddff\ud835\uddf2\ud835\uddf0\ud835\uddfc\ud835\uddfb\ud835\uddf0\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\uddee\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb \ud835\uddee\ud835\ude02\ud835\uddf1\ud835\uddf6\ud835\ude01 involves a structured examination comparing a company&#8217;s internal financial records with the details provided in its bank statements. The primary objective of this audit is to verify that the company&#8217;s accounting records precisely mirror its financial transactions and to confirm the absence of discrepancies between the bank&#8217;s records and the company&#8217;s financial books.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-1b14a02a3de6b1a29d343c1ad7271d42\">It is vital to ensure the proper execution of these audits. Internally, this process should be conducted monthly, while external auditors should perform it annually.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-0194b84d5a128c90ac5251a91c262c1a\">\ud835\udc02\ud835\udc21\ud835\udc1e\ud835\udc1c\ud835\udc24\ud835\udc25\ud835\udc22\ud835\udc2c\ud835\udc2d \ud835\udc1f\ud835\udc28\ud835\udc2b \ud835\udc01\ud835\udc1a\ud835\udc27\ud835\udc24 \ud835\udc11\ud835\udc1e\ud835\udc1c\ud835\udc28\ud835\udc27\ud835\udc1c\ud835\udc22\ud835\udc25\ud835\udc22\ud835\udc1a\ud835\udc2d\ud835\udc22\ud835\udc28\ud835\udc27 \ud835\udc00\ud835\udc2e\ud835\udc1d\ud835\udc22\ud835\udc2d<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-3681c50b79b0c6f28b5fcc31178f1c10\">\u2705Gather your bank statement, general ledger, and bank reconciliation documents for the month you\u2019re auditing.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-4876faed7fec6a6d8f6e9a77e26a521b\">\u2705Compare the final figures on your reconciliation document to that account\u2019s bank statement. The amounts should match.<\/p>\n\n\n\n<p>\u2705Check the final figures on your bank reconciliation document against your general ledger totals and ensure they match.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-119b5d8bff77ba200e89799a8e2cf2ff\">\u2705Calculate the difference between your bank statement ending balance and your general ledger total. Your bank statement should properly reflect the difference.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-16ea4c51aa5250b7a33fe0b65de185fa\">\u2705Match transactions from your bank statement and general ledger account. Each transaction in one document should have a corresponding transaction in the other. To avoid confusion, mark these off as you go.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-21924f078b3498ede0c726701a8b5804\">\u2705Highlight any non-matching transactions between your general ledger and bank statement. These items are \u2018reconciling\u2019 and should be accounted for in your bank reconciliation document with a full explanation for the discrepancy. These items are usually the result of funds that have not yet cleared or checks that are waiting to be cleared.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-b8031774878bf25d12db4bcfcb0b35af\">\u2705Double-check that the difference between your bank statement and the general ledger is properly accounted for.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/feed\/hashtag\/?keywords=bankaudit&amp;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7132237286875746305\">#bankaudit<\/a> <a href=\"https:\/\/www.linkedin.com\/feed\/hashtag\/?keywords=reconciliation&amp;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7132237286875746305\">#reconciliation<\/a> <a href=\"https:\/\/www.linkedin.com\/feed\/hashtag\/?keywords=auditing&amp;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7132237286875746305\">#auditing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud835\uddd4 \ud835\uddef\ud835\uddee\ud835\uddfb\ud835\uddf8 \ud835\uddff\ud835\uddf2\ud835\uddf0\ud835\uddfc\ud835\uddfb\ud835\uddf0\ud835\uddf6\ud835\uddf9\ud835\uddf6\ud835\uddee\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb \ud835\uddee\ud835\ude02\ud835\uddf1\ud835\uddf6\ud835\ude01 involves a structured examination comparing a company&#8217;s internal financial records with the details provided in its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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