Bank Reconciliation

The accounting outsourcing function begins each month with the reconciliation of hundreds of bank accounts for the clients we service.  At ACI, we employ a highly dedicated bank reconciliation team that obtain client bank statements via online access and exercise care as they ensure that no funds are being stolen from any client accounts.  We maximize the effectiveness of the bank reconciliation process through the proper segregation of duties.  No bookkeeper is ever designated responsibility for bank reconciliations and no staff member responsible for reconciling cash balances has the ability to process checks for any clients. 

The bank reconciliation process begins with the entering of the balance per the bank statement available online.  Interest income or any bank fees attributed to the account are then recorded.  Checks processed are then paired against checks that cleared the bank to determine which checks were not processed by the bank prior to month-end.  These are the uncleared transactions, which must be analyzed each month to ensure there is a valid reason for the failure to clear the bank.  This is typically standard procedure, as it may take a few days for a transaction to process from the time the check is cut to the time the bank recognizes it as part of the current cash balance.  Other times, investigation is necessary as to why a check did not clear the bank.  The completion of the bank reconciliation process enables the bookkeepers to provide accurate bank balances to the client at all times.

To inquire into ACI's Bank Reconciliation services, contact us at info@acisecure.com.