Overview

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This guide explains the general process flow to complete bank reconciliation regularly; it provides the steps to check the monthly banking activity, look up the general ledger transactions recorded through the month, and reconcile the banking to ledger transactions. This section also highlights the best practices for the reconciliations processes, timing, and submissions to the CashOps department. 

Essential Information

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Best Practices:

• Save support documents e.g. PDF statements, canceled checks, deposit slips, ACH advices.
• Compare transactions
  • Verify accuracy of amounts, dates, & descriptions.
  • Note/report missing transactions in books vs banks on summary page.
  • Identify outstanding transactions such O/S checks or uncleared deposits.
  • Adjust for timing differences - booked in the General Ledger (GL) but not in the banks or vice-versa.
  • Errors to be investigated.
  • Check for bank fees, interests, etc.
  • Have an open line of communication with the banks.
• Designate responsibility
  • Ensure on accurate access to systems and bank entitlements.
  • Review and approval - second layer can be very helpful to catch any errors/missed activity.
  • Segregation of responsibility.
• Document your process
  • Highlight key areas for your department and activities that relate to your practices.
  • Note the steps taken to identify & resolve errors.
  • Note the adjustments made in the GL.
  • Any documents that would be a good support for internal/external audits.

Next Steps

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General process Flow for Departments:

1. Collect necessary documents, data and any related cash/bank activity detail.
2. Pull General Ledger (GL) transactions & highlight the final balances.
3. Download Bank statements and summarize credits and debits totals.
4. Identify all deposit slips or daily activity initiated within the department.
5. 3-way transactions comparison & identify differences.
6. Identify errors & investigate discrepancies.
7. Adjustment entries posting in OFC (Oracle Fusion Cloud).
8. Calculate adjustment ending balance.
9. Review and Approval.
10. Repeat Routinely.

Timing and Submissions:

1. Daily record of deposit slips.
2. Regular monthly schedule for month-end close for reconciliations.
3. Save the primary reconciliation file and support documents in department's shared folder.
4. Send over finalized approved reconciliation to Cash Operations team (CashOps) via Services & Support ticket.

Reconciliations reference document

Reconciliation Template with Action Steps

Please refer to the template for detailed instructions on reviewing banking activity at month-end, pulling GL transactions details and reconciliation of the transactions.

Complete all parts of the template:

• Bank statement
• General ledger
• Cash Sheets/Deposit slips
• 3-way reconciliations
• Final bank to GL Reconciliation Summary

Bank Reconciliations Template