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Run: Bank Account Reconciliation SOP

Bank Account Reconciliation SOP template for matching bank statements to the general ledger, documenting timing differences, and resolving discrepancies befo...

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Steps

The accountant verifies the bank account(s), statement period, and reconciliation cutoff date before starting. Confirm the general ledger period to be reconciled and note any known timing differences from prior periods.
The accountant downloads or retrieves the official bank statement for the selected period and exports the transaction activity report if available. Save the files in the designated close folder using the company naming convention.
The accountant runs the cash account detail report for the same period from the general ledger. Include beginning balance, ending balance, deposits, withdrawals, fees, interest, and journal entries posted to the account.
The accountant compares each bank statement transaction to the corresponding general ledger entry and marks matched items as cleared. Verify date, amount, payee or payer, and transaction type for each match. Investigate any unmatched items before proceeding.
The accountant identifies items that appear in one record but not the other, including outstanding checks, deposits in transit, bank fees, interest, returned items, and unposted journal entries.
The accountant prepares and posts approved journal entries for bank fees, interest income, returned items, and other authorized reconciling items. Use the correct account coding and attach supporting documentation to each entry.
The accountant escalates any unexplained variance, suspected duplicate posting, unauthorized transaction, or missing support to the finance manager or controller. Do not finalize the reconciliation until the discrepancy is resolved or formally approved as a non-conformance.
The accountant calculates the adjusted bank balance and adjusted general ledger balance, then confirms that the difference is zero or within the approved tolerance defined by company policy. Document any remaining variance and the reason for it.
The preparer submits the completed reconciliation, supporting reports, and journal entry references to the reviewer for sign-off. The reviewer confirms completeness, accuracy, and timely completion, then the accountant archives the final package in the controlled records location.

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