Bank Reconciliation Statement Template Excel is more protective in nature which states the reason for every single mismatch in the figures and also tells the detailed methodology on template about adjusting these figures in the records.

Stating out the complete history of every bank transaction and parallel record about where money was sent or transferred, reconciliation statement also clarifies the field adaptation which may cause the record mismatch between banks and business.

Today, the recent most business culture is growing with the privilege of safest technologies and safest mode of working that involves no ruptures, confusions, misunderstandings, and misconceptions about how catering things.

A similar genre of monitoring goes for financial management which is one of the most key management at any corporate setup. Project management is the key management for controlling the processes and running the businesses and projects smoothly with the smooth cash flow which is the actual basis of working.

In today’s business culture, most companies prefer conducting their financial transactions through banks, infect every large and small business operates its financial management through banks, deploying the extra responsibility of maintaining financial records at banks.

How Excel Bank Reconciliation Statement Template Works

bank reconcilation statement template excel

Banks deal in cash keeping, cash transfer, and cash record-holding through their financial database, which is called the personal bank statement of any account. When done with the planning of any transactions, cheques are issued to transfer money.

These cheques are the safe source of money handling extendedly they are useful in keeping a track of how and where money was allocated. Banks maintain the complete history of transactions from any of their accounts and it helps in categorizing the clients for further promotions. Banks are very keen on knowing various trends of transactions and money adding in any account in their database.

A similar activity is parched at the personal accounts in the offices where the business’s cash book contains the information about when and where the money was allotted to whom. This record is similar to that of a bank but is less authenticated because there are some typical reasons for figure mismatch.

To avoid such problems of dual figures and statistical mismatches, banks prefer to reconcile their record with the personally maintained record at the business site. On annual basis, clients are called at banks and their complete record is presented to fade out any confusion between the records at banks and offices.

Reasons for Mismatch of Reconciliation Statement

There are several reasons which may acquire the necessity of creating a bank statement. But now this is a common practice to hold this record configuration by the banks at the end of the financial year. A complete record file is sent to the clients so that they could figure out the possible reason for account disorder. Following are some of the reasons for account disorder which these reconciliation statements rectify by the time.

  • Not-sufficient fund rejection of check which holds the credited amount in business records whereas the bank doesn’t issue the amount
  • Hidden and monitory services charges which sometimes lag in business accounts
  • The formulation process is not as precise as the business record as it is in banks.