How to check your Trust Bank Reconciliation

Owned by Karen McDonald
Last updated: Feb 05, 2024 by Gemma Heidemann
1 min read

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.