The Importance of Bank Reconciliation

One of the most important tasks in preparing accounts for Independent Examination is Bank Reconciliation

A Bank Reconciliation is used to compare your records to those of your bank, to see if there are any differences between these two sets of records for your cash transactions. The ending balance of your version of the cash records is known as the book balance, while the bank’s version is called the bank balance.  A monthly reconciliation helps you identify any unusual transactions that might be caused by accounting errors or fraud.

Mr ClawOur training manual “The Adventures of Mr Claw in the World of Charity Accounting” explains Bank Reconciliation and Statement production, and how to implement these procedures in to your organisation’s accounting procedures. Get your copy here

 

End of Year Accounts

For those of you whose accounting period ended on 31st March 2015, may we gently remind you that accounts will need to be submitted to our office for examination as early as possible before your AGM date.

These accounts will also need to be filed with the Charity Commission by 31st January 2016, which might sound a long way away at the moment, but the date can creep up on you very quickly, so be ready!!!