Record to report / R2R – Reconciliations Workflow – Bank

We shared how an inter company reconciliation would look like.

http://faoblog.com/processes-record-report-r2r-reconciliations-workflow/

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:

Bank recon process charts_v1

 

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