Bank Reconciliation Statement templates in Excel is very important for your business; because this statement keeps up to date you with your accounts and also protect you from fraudulent activities. When business or other sorts of projects are start, there are unlimited and untamed expenses; Which occur on short term and long term bases. Refer to the genre of working, these expenses are sometimes on the key notes of project information recording and sometimes they are out from serious notes.
But financial management is a key to success, as money is the back bone of every business, project and progressive field work; where high input and less output will ultimately deduct the final appraisal from the concerned stake holders. There are different types of activities in daily life, businesses and projects, and for all these types, various classifications are also make. These classifications are hold on the bases of final incentive which is due for each different purpose. Bank Reconciliation Statement Excel helps to check your account balance properly.
For all the major transactions held in a business, there is a complete record source in at various ends of business deals. Before the expansion of business transactions via banks, the records were available at both ends of deal. But now majorly all the large and important even minute transactions are hold through banks. As a common trend, cash reserves are keep store in banks and upon the need, transactions are make via checks. Now what is more important is that these transactions are quite normal and procedural for the owner of account but the end of bank and that’s way every bank issue a bank reconciliation statement for their clients.
Bank Reconciliation Statement Templates in Excel Working
Bank reconciliation statement is the formal correction draft of differences and wrong entries in the accounts of bank and business to keep the balances equal and amount record clear. All around the world, there is a formal and standard pattern of reconciliation statement. Following the pattern, all the mistakenly charge entries are adjust according to their nature of debit and credit. There are various reasons of these mistaken entries, a few of which are discuss below;
1- NSF Check ( Non-Sufficient Fund Checks)
These are the checks which the business owner credit as he cuts off this amount from his worth; where as banks do not acclaim these check due to insufficient funds.
2- Hidden Service Charges
There are various hidden service charges which are very small in their amount but on annual bases they grow to a huge figure
3- Un-presented Checks
These are the checks which the owner counts for deduction but actually they are not presented in the bank till date, so actually there held no deduction in bank account.
Microsoft Bank Reconciliation Statement Templates in Excel
Formulating the account at both business office and banks generate the annual transaction record. Emerged out as the complete financial record of any business and upon the tale process; there might occur some differences in the record papers of both ends. These differences might be minute or might be so large to handle. There are different causes of these differences among the figures of business records and banks records, some of which comes on the part of business and some of them come on the part of bank. Annually every business client takes a match status of records with bank to sort out the differences among the amounts before they get huge and troublesome. This matching process is refer to Bank reconciliation; and the adjustment of arising differences is refer as bank reconciliation statement. Most often companies own financial statement doesn’t match with bank statement that’s why companies are mostly withdraw bank statement to see errors.
Daily Expense Budget Templates
Sometimes companies payments and transaction are going through process and companies system shows these payments and transaction; but bank system takes time to transact or sometimes bank system could issue wrong statement. Due to heavy customer load but it that case your transaction remain save.
Process of Adjustment via Bank Reconciliation Statement Templates in Excel
Starting with the premium balance of account of business, a bank account is prepare along with the business account. Against each not sufficient fund check, the bank is debit with the equivalent amount and the owner account is credit.
For all the hidden services charges, bank is credit and the service account is debit; whereas according to the reason and nature of every balance amount, corresponding accounts are prepared and adjusted. You can easily download Bank Reconciliation Statement template on internet.
So here is the unique and complete version of B.R.S template that you can confidently download them. And use them in your presentations and other professional work.