Bank Recs :(

mattaatmattaat Settling In NicelyPosts: 17Users Awaiting Email Confirmation
Is it just me or do some people still find real bank reconciliations a pain :/ I've just finished Level 2 and the bank recs in the practise papers and the exams were easy but rec'ing a company bank just takes me soo long :(

Anyone got any cool little tips or tricks?

Comments

  • RinskeRinske Font Of All Knowledge Posts: 2,453Registered
    How big is your bank rec?

    What software do you use?

    How often do you do your bank rec?

    I do a weekly bank rec on our main account and it takes me about a day each week. Our software sees every store as a separate bank account, which are linked to the main bank account, so we got about 15 shops and the main bank that all need to be combined. We got a whole load of smaller bank recs done around month end only, but depending on what country and which bank account they are, they take between five minutes to four hours still.

    It really depends on the bank rec and how you got it setup I think.
  • MonsoonMonsoon Font Of All Knowledge Posts: 4,071FMAAT, AAT Licensed Accountant
    When I first started doing bank recs I tried to do the whole statement (say 3-4 pages) at once. :lol:

    Whatever software I am on, I now chop it into manageable pieces and only ever reconcile up to 10 transactions at a time, match the balance, and then move into the next chunk. Much, much easier!!
  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    Monsoon wrote: »
    When I first started doing bank recs I tried to do the whole statement (say 3-4 pages) at once. :lol:

    Whatever software I am on, I now chop it into manageable pieces and only ever reconcile up to 10 transactions at a time, match the balance, and then move into the next chunk. Much, much easier!!

    I had exactly the same problem, but break it into small chunks and it avoids a lot of wasted time.
  • RinskeRinske Font Of All Knowledge Posts: 2,453Registered
    Yep, I got it stuck into small chunks as well, after exporting it all to excel.

    A couple of months back I've made some changes to our bank rec sheet and now I can check the balance after every transaction, should I want to.

    I usually spent 4 hours just plain matching and ticking boxes and the rest of the time sorting out the oddities that didn't match and were listed on a separate sheet.

    Once all the matching is done, I check all the separately listed items by type, so cash differences, purchase payments not posted etc, and then find them in the right place or post them to the proper accounts. I also keep certain types of sales till the end by just adding them to my outstanding items sheet while checking, as they come in as big chunks of money in the bank, but get posted as separate items on our system (or quite frequently not at all).
  • Louise89Louise89 Trusted Regular England, UKPosts: 296MAAT
    Have you tried doing it weekly or every two weeks.. :)

    I always have the bank statements in a spreadsheet and I rec them against that til the end of the month when I print out a hard copy to finish up.
  • mattaatmattaat Settling In Nicely Posts: 17Users Awaiting Email Confirmation
    Thanks for all the ideas guy! :) I will have to try that in the next couple of days as ive been side tracked at the moment with more urgent matter lol

    The cashbook I have is a bit of a pain as it has a lot mistakes between 1p and £100 which doesnt make the job any easier
  • slackdaslackda Trusted Regular Posts: 460Registered
    I do mine either every two weeks or every month, depending on how busy we are.

    i have 3 sheets, one with the ERP Data, one with Bank Data, and a Summary sheet,

    when i match something i drag the info into the cell next to it, as the summary sheet has a load of sumif statements in it to work out the balances of unamtched payments etc.
  • Louise89Louise89 Trusted Regular England, UKPosts: 296MAAT
    slackda wrote: »
    I do mine either every two weeks or every month, depending on how busy we are.

    i have 3 sheets, one with the ERP Data, one with Bank Data, and a Summary sheet,

    when i match something i drag the info into the cell next to it, as the summary sheet has a load of sumif statements in it to work out the balances of unamtched payments etc.


    Sumif and vlookups are great if you have a lot of data to check esp when doing a sales rec
  • mattaatmattaat Settling In Nicely Posts: 17Users Awaiting Email Confirmation
    YOU GUYS ARE AMAZING!!! Bank Rec went perfectly :P (1p difference) there where unrecorded payments, recorded payments that shouldnt of been recorded about both receipts and payments cashbook errors all together totaling to over Dr 15,000 & Cr 18,000

    THANKS AGAIN!!!
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