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 reversed?
  • Do they need to be ticked off against their reversal?
    
    
• 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?
    
    
• Are there any transactions or adjustments outstanding from the prior reconciliation that have not been dealt with yet?

Are the end of the reconciliation, make sure that your Variance is $0.00, all lines on your bank statement were ticked off in the software and any adjustments have been actioned if needing to.