Bank reconciliation

Bank reconciliation

Are you wondering if the balance in the account and the bank deposit balance do not match, what should I do? Today we will come to know about bank reconciliation, that is, to verify the accuracy between the account balance and the bank balance is correct or not. In order to fix problems that come from the wrong accounting records.

The reasons for the mismatch between the balance in the account and the deposit in the bank are as follows:

1. The business has recorded the increase or decrease the balance of bank deposits unilaterally.

2. The bank has recorded the increase or decrease of the bank's deposit balance solely.

3. It's a bank malfunction.

4. The accountant recorded the wrong account.

When there is an inaccuracy of the balance in the account and the deposit in the bank, the accountant must reconcile the account to be correct. This can be done by the following methods.

1. Make a comparison between the deposit transactions according to the account book and the business account book.

2. Check from the check by counting and comparing it with the bank statement.

3. It is marked for accuracy if it detects that there is a difference between the statement and the balance in the account.

4. Check for reasons why bank balances and account records do not match. including unrecorded items

Because reconciliation involves a detailed and accurate process, accountants take time to complete. But now, the bank balance can be adjusted more conveniently with the PEAK account program, which can be done by 2 banks, Kasikorn Bank and Siam Commercial Bank. with the following simple steps:

1. Register in the bank system and go to Download Bank Statement

2. Import the file into PEAK by selecting the format of SCB Bank Statement (Thai Commercial Bank) or K-Bank Statement (Kasikorn Bank).

3. The program will automatically reconcile the deposit.

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