Record to report / R2R – Reconciliations – Workflow – Bank
We shared how an inter company reconciliation would look like.
Today I share the workflow for a bank reconciliation. If you notice, the flow depicted is very similar, and the only major changes are the entities and the nature of transactions.
You could make this really exhaustive. The process can also vary marginally with different banks, primarily on two fronts, one in the mode of dispatch of bank statements by banks, and the process of resolution.
Normally for both inter-company and bank reconciliations, there is no requirement for dispute resolution by way of agreement on some transactions. This would be an interesting element in vendor and customer reconciliations.
The best way to create a reconciliation for your work would be to list the steps in a table, with a column to list the entity executing the work, and you wont have to worry about the confusions of a workflow.
You can click on the image for a larger view:
Have you been following our accounting blog?
Subscription and Guest Post:
You may subscribe to the blog from the subscription box on the opening page of the blog. We have enabled a button on the top of the first page, which will enable you share your posts. If you wish to write about any of the current streams, you can do it at http://faoblog.com/guest-post/. We will review your post and release it within 48 hours of your posting. Please note, any irrelevant posts shall be deleted without information.