Bank reconciliations
A bank reconciliation is the key accountability process to be completed each month. It will confirm for you that your bank account is consistent with your cashbook.
Follow this checklist to complete a bank reconciliation.
- The treasurer arranges for the bank to issue a bank statement as at the end of each month.
- When a bank statement is received, record any interest or bank charges in the cash book before the cash book is balanced.
- All P&C accounts should be exempt from federal debit tax. If federal debit tax has been charged, contact the bank and/or resubmit an exemption form.
- Check that the deposit and withdrawal/cheque entries on the bank statement match those recorded in the P&C's records and explain any differences. Complete a bank reconciliation statement new window 70k
(see Example 3).
- Before the monthly meeting, get another executive member to check and certify the bank reconciliation. They should also sign the bank statement and cashbook when they are performing this check.
- Attach the bank reconciliation to the bank statement, give copies to the secretary and include all the paperwork in the monthly reports.
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