Introduction to Bank Reconciliation Process
These set of articles provide a brief introduction to Bank Reconciliation Process. This topic not only discusses the meaning of bank reconciliation process but also discusses how this process in handled in new age ERPs and Automated Reconciliation Systems.
Bank reconciliation process is targeted to validate the bank balance in the general ledger and one of the most critical controllership processes. Learn the what, why and how of bank reconciliation process. Also get insights into how this is managed in modern ERPs and automated reconciliation systems. Proper completion of the Account Reconciliation Process is fundamental to ensuring the balance sheet is properly stated. Personnel with responsibility for Account Reconciliations hold key Controllership responsibilities.
A quick introduction to Bank Reconciliation Process. A must for folks working on General Ledger, Cash Management, Treasury and other functions involving bank reconciliation. Very good learning tool for IT professionals working on ERPs or automated recon systems to gain functional expertise on bank reconciliation process.
The learning objectives of this capsule are:
Learn the meaning of Account Reconciliation and its importance in controllership process
Meaning of Bank Reconciliation Process and its Importance
Understand the Cash Clearing Concepts and complete Process
Learn the steps in Automated Bank Reconciliation along with steps in Manual Bank Reconciliation
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Cash Clearing – Accounting Entries
The Cash Clearing process enables you to track amounts that have actually cleared your bank. Learn the steps and accounting entries that gets generated during the cash clearing process.
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In automated clearing, Bank statement details are automatically matched and reconciled with system transactions. Learn how this process works and what are the perquisites to enable the same.
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Treasury Management - Functions
Treasury management has become an specialized function. Treasury function helps in managing the Risk-return profile as well as the tax-efficiency of investment instruments. In larger firms, it may also include trading in bonds, currencies and financial derivatives. Learn about the various tasks, activities and imperatives, undertaken by treasuries in in today's context.
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The objective of funding Management is to implement strategies that lead to the best borrowing rates and lower investment costs. Learn how treasury aids in loans and investment management functions.
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Learning objectives for this lesson are: Meaning of Order to Cash Process; Sub Processes under Order to Cash; Process Flow for Order to Cash; Key Roles & Transactions; Key Setups/Master Data Requirements.
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The terms Treasury Management and Cash Management are sometimes used interchangeably, while, in fact, the scope of treasury management is larger and includes funding and investment activities as well. Learn all about Treasury Management here!
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In the previous article we talked about the meaning of the account reconciliations. Now as you now the definition of account reconciliation, in this article let us see why it is carried out.
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Why enterprises need cash management. What is the purpose of having a well defined cash management process?
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Before we dive into cash management, let us fist understand what we mean by cash and what constitutes cash in context of cash management process.
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Cash Management - Integrations
Cash Management integrates cash transactions from various sources like Receivables, Payables, Treasury and creates reconciliation accounting entries after matching transactions with Bank Statements.
