In honor of the 45th anniversary of the installation of the world’s first ATM (location: Enfield Town, England), Fun with Financials raises its glass to celebrate. And then asks you to complete the next chapter of the Procedures Manual about reconciling your bank statement and transferring money.
Reconcile a Bank Statement
When you reconcile your organization’s monthly bank statement, you have an opportunity to compare your records with the bank’s record. You can identify errors, discrepancies or possible fraudulent activity. You also can keep track of un-cleared deposits and un-cashed checks that you need to keep on your watch list.
If you like tasks that only involve right or wrong answers, then bank reconciliation is for you. Either it reconciles. Or it doesn’t. If it doesn’t you get to play a little detective work to find out why.
Let’s get started!
Many organizations keep the bulk of their money in a savings account in order to earn interest. But when it comes time to write checks to cover payroll and expenses, the organization needs to transfer the money from savings to checking.
These questions below will help map out the best practices for transferring money safely and soundly.
If you’ve been answering these questions each month, you’re almost halfway through creating your procedures manual. For those that need to catch up, click here to start your journey toward a written financial procedures manual.