Prior to finalising your bank reconciliation, all adjustments and outstanding transactions should be reviewed and a sanity check on why they are outstanding.
Some questions to ask yourself before finalising the Bank Reconciliation:
- What transactions are outstanding (i.e. not ticked off)
- Is this cheque outstanding for a long time (longer thean 3 months)?
- Should we contact the person it was sent to make sure it didn't get lost?
- Should we hurry up the person it was sent to, to get it deposited?
- Has this EFT Payment been processed through the bank account?
- Are these transactions duplicates?
- Have these transactions been entered correctly? (e.g. amount, matter, date)
- Is there a receipt outstanding?
- Did we deposit the money?
- When did the amount come in to the bank account?
- Have we entered the receipt twice by accident?
- Are these adjustments outstanding for a good reason?
- Have we dealt with all adjustments by entering relevant transactions or other actions?
- Have we dealt with all adjustments by entering relevant transactions or other actions?
- Are there any transactions or adjustments outstanding from the prior reconciliation that have not been dealt with yet?