Bank Reconciliation Reports Do Not Have the Requisite Information Needed for a Proper Bank Rec Report

Bank Reconciliation Reports Do Not Have the Requisite Information Needed for a Proper Bank Rec Report

Basic accounting practices for bank reconciliations dictate that bank reconciliation reports have the following components:

  1. Date or Period of Reconciliation:
    1. The report should clearly state the date for which the reconciliation is being performed, typically at the end of a month.
  2. Bank Statement Balance:
    1. The ending balance as per the bank statement on the reconciliation date.
  3. Book Balance (General Ledger Balance):
    1. The ending balance as per your company’s books (general ledger) on the reconciliation date.
  4. Adjustments to Bank Balance:
    1. Outstanding Checks: Checks that have been issued by the company but have not yet cleared the bank.
    2. Deposits in Transit: Deposits recorded in the company’s books but not yet reflected on the bank statement.
    3. Bank Errors: Any errors made by the bank that need to be corrected.
  5. Adjustments to Book Balance:
    1. Bank Fees: Fees charged by the bank that were not recorded in the company’s books (e.g., service fees, check printing charges).
    2. Interest Earned: Interest earned on the bank account that hasn’t been recorded in the books.
    3. NSF (Non-Sufficient Funds) Checks: Checks that were deposited but bounced due to insufficient funds.
    4. Automatic Payments/Withdrawals: Any automatic payments or withdrawals recorded by the bank but not yet in the company’s books.
    5. Book Errors: Any errors in the company’s books that need to be corrected.
  6. Adjusted Bank Balance:
    1. The bank statement balance after adjusting for outstanding checks, deposits in transit, and any bank errors.
  7. Adjusted Book Balance:
    1. The book balance after accounting for any bank fees, interest, NSF checks, automatic payments, and book errors.
  8. Reconciliation:
    1. The report should show that the adjusted bank balance equals the adjusted book balance. If there’s a difference, it should be explained and resolved.
  9. Supporting Documentation:
    1. Attach copies of the bank statement, deposit slips, and checks to support the adjustments made during reconciliation.
  10. Optional:
    1. Some reports will also show the list of all cleared/matched deposits (monies in) and all cleared/matched expenses (monies out).

At this point, of the 9 essentials and 1 optional item, ZOHO Books bank and credit card reconciliations only has numbers:
1. Date or Period of Reconciliation,
9. Supporting Documentation, and
10. List of cleared/matched deposits and expenses.

It feels like Books has developed and tested by bookkeepers rather than qualified accountants. SMH.



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