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Bank Reconciliation Template is a ready-to-go template and you can use it Excel, Google Sheets. Creating a template is no easy task. You want to have a professional on board to create this for you. We, at Oak Business Consultants, are professionals in providing impeccable templates. Visit our website at Oak Business Consultants and get a free consultation.

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Bank Reconciliation Template

Oak Business Consultant has prepared this Bank Reconciliation template as a guide for the small business owners to prepare Bank Reconciliation without spending money on Accounting services again and again.

What is Bank Reconciliation?

Bank reconciliation is a procedure that looks at the money balance of an organization’s balance sheet to the related sum on its bank statement. Reconciling the two records distinguishes whether bookkeeping Accountant and Bookkeeping changes are necessary. Bank Reconciliation is conducted at regular intervals to guarantee that the organization’s records are right and there is no difference. Thus they likewise help in the identification of mistakes and frauds.

Purpose of Reconciliation Statement

Generally, the adjustments according to the bank statement and the organization’s records are not equivalent because of deposits in transit, outstanding cheques, bank charges, the premium earned or paid, and so forth.

A Reconciliation Statement’s primary motivation is to recognize, resolve, and appropriately report the contrast between checking account and Bank Book. With the vast volume of bank exchanges, it gets vital to reconcile the bank with records. This statement will guarantee the proper recording of all bank exchanges. It is, therefore, an internal monetary report of business that clarifies and documents any contrasts between the bank book and the bookkeeping records.

How this Bank Reconciliation Excel Template can Help you?

This Bank Reconciliation template not only gives you an example of data that is required to complete this form but also enlists the adjusting entries that you would require as a result of bank reconciliation to make the Accounting Books match with the Bank statement.

Steps to Use this Reconciliation Template

  • Distinguish uncleared cheques and deposits in transit.
  • Add back any deposit on the transit.
  • Deduct any outstanding cheques.
  • Add notes, receivables, and interest acquired to the balance.
  • Deduct Bank Charges and interest paid, service expenses, penalties, and so on.
  • Match it with the organization’s balance. A few entries are missing to report either in the Bank book or not written in the bank statement if the distinction remains.
  • It gives you an adjusted balance.
  • The bank balance should match the changed balance of the Bank Book.
  • Record every transaction that is different, in this Bank reconciliation excel template.
  • Record the General Journal Entry in your accounting system.
  • The Two balances must match now.

Contents of this Template

Here workbook has two files: the Accounting bank record and the reconciliation template. In book bank, you can record transactions done from the bank daily. Things like cheques issued and deposit, withdrawals of cash are recorded. As shown in the screenshot:

Bank Reconciliation

The above right corner shows the available bank balance according to the records. This offset never coordinates with the Bank statement because of few reasons. Whenever you have finished entering information into Bank Book comes the reconciliation part. For this reason, we set up the Bank reconciliation statement where your transactions should match with the bank transactions. It is quite a tiring task, but it won’t take 15-20 minutes if you maintain it daily.

Open the reconciliation template, and you need to follow these five steps:

You have to enter the date of the issue for the bank statement in the given cell. After it, you need to enter the closing bank balance as per the report and the Bank Book’s closing balance in the designated cells.

Bank Reconciliation

  • Enter the outstanding cheques issued but not presented in the bank.
  • Now enter any outstanding deposits in the designated area
  • Enter any other outstanding adjustments here. These transactions have to be in a Book bank and not in a Bank statement.
  • Now, balancing is the final step. Variance should be zero.

Benefits of Preparing Bank Reconciliation Statement

  • It thus prevents theft from unauthorized transactions.
  • Secondly, humans can make mistakes. A small error by a bank can cost much. Reconciliations help to eliminate them.
  • It helps to company’s rectify an error made at its end.
  • It helps to manage account receivables.

Reasons for Difference Between Bank Statement and Accounting Records

  • Discrepancies can be due to the following reasons:
  • Cheques were deposited but not credited by the banks.
  • Cheques get issued but aren’t presented in the bank.
  • Interest from a bank not recorded in the book bank.
  • There may be other miscellaneous queries from the bank.

When can it be said that the Reconciliation is complete?

The Bank Reconciliation process completes after assurance that all the transactions are perfectly adjusted. Moreover, the balances of the Bank statements and the organizations’ cash account/Bank book are matching after passing the adjustment entries.

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Oak Business Consultants Provides Various Financial Model Templates for almost every industry. Our models have revenue and input assumptions based on the particular industry, business nature, and operational requirements. We have worked in almost every industry and have built 100+ models for every specific niche market. For Example; in the Real Estate Industry, we have developed multiple strategies models for commercial and residential purpose properties. For example, Single-family units, apartments, commercial buildings, and so on.

The pre-built financial models are made to help an entrepreneur, by giving them financial projections for their business. These models provide a pre-built detail and structure to those who have a similar business revenue model as already available on the website. However, if you have a real estate business model which is unique and have several different revenue streams, like rental, commercial and parking fees, for example. Therefore, you need to Buy Customization Plans financial model services where you can use financial modeling services as per your business nature and operation requirements. 

All pre-built models are Comprehensive and dynamic, designed by expert professionals by considering all the elements any business requires while computing the financial feasibility of the business. This financial model template will provide the assistance to compute the rental analysis, start-up summary, detailed monthly and yearly profit and loss statement, balance sheet, cash flow Analysis, and Break-Even Output summary. The template also has project evaluation reports and diagnostic sheets which will allow you to determine the project’s feasibility. Moreover, a visual representation of these reports is compiled on a dashboard to make a convenient report overview for the user.

The models will be in Microsoft Excel file format, and they are immediately available for download after making the purchase. A model can be downloaded multiple times in future from the same account. The optimal way to use the model is to familiarize yourself first with how the model is linked and structured. There are already detailed instructions on how to use the description mentioned under each product profile. Moreover, start with the input sheet with the most important assumptions, and start filling in the inputs as per your business information and real estate business strategy, like Hold/ Acquire/ Sell, which is clearly labelled and formatted in a pink color cell. For Example; If your region tax rate is 25% so fill it under the tax field, which is already highlighted so then a model will automatically compute all related calculations. The same procedure will go with all operating and variable cost sections, which are mentioned in the model.

Next comes the revenue-related input; then go through the inputs around growth rate, prices, and cost of sales, etc. These inputs will be changed from industry to industry; however, the basic structure is the same.

So far, you’ll get basic forecast reports, and now it comes down to looking at the Summary and Key Reports sheet(s) to see if the estimation makes sense: net income, gross margin and net cash flow, etc. Refine and iterate the inputs until you get a final result that makes sense for your business and your industry.

The Financial models are in xls. File format. We would recommend using Excel or Google Sheets to develop and edit financial models. In practice, We use Excel to build and edit models and Google Sheets to share with clients. Because Excel is usually a faster software for building and designing with so many features, however, Google Sheets can make it convenient for sharing models with the user.

Undoubtedly Yes! All formulas’ cells and sheets are completely editable and open. Therefore, you can edit anything as per your requirement. But you must need to consider the cell linkage first before making any change.

How to Edit the Mode?

All peach Areas are your INPUT CELLS. Please fill the PEACH AREA as per your business situation. All WHITE and GREY COLORED CELLS are CALCULATED and LINKED CELLS.

The Model is easy to use, dynamic and Transparent. We did not use complex formulas to build the Pre-built Financial Model or Financial Template.

Yes, We provide Half an Hour of free consultancy. We help you to explain

  • The flow of Pre- Built Financial Model
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  • Explain How the Pre-built Financial Model work.

You can fix a meeting time with our Expert Financial Consultant and avail yourself of this opportunity to have one to one call with him/her

Same as we have several industry-wise Financial Models such as
Automotive Business
8 Products
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Real Estate
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36 Products

By selecting the right model, analyze your industry first and decide under which category you’re business is falling in.


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