Effective Bank and Account Reconciliation Techniques
Presenters : Russel Ngobeni
Overview
This webinar, titled "Effective Bank Reconciliation Techniques," focuses on essential strategies and tools for ensuring the accuracy and integrity of financial records. Led by Russel Shinyawani-Ngobeni, a Business Accountant in Practice and General Tax Practitioner, the session covers critical aspects of bank reconciliation, from identifying common issues to utilizing automated reconciliation tools. The course aims to equip participants with the knowledge and skills to effectively manage and reconcile bank accounts, detect discrepancies, and maintain transparent and accurate financial records.
Learning objectives
By attending this webinar you will gain the following competencies:
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Understanding the importance of bank reconciliation in financial management.
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Identifying common causes of discrepancies in bank statements and financial records.
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Implementing effective procedures and guidelines for accurate bank reconciliation.
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Utilising automated tools to streamline the reconciliation process and improve accuracy.
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Enhancing fraud detection and improving overall financial compliance.
Content
The webinar will cover the following topics:
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Introduction to Bank Reconciliation
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The significance of accurate financial records
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Overview of the reconciliation process
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Importance of timely reconciliation
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Common Issues in Bank Reconciliation
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Unrecorded transactions and timing differences
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Errors in recording transactions and bank errors
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Fraudulent transactions and uncleared checks
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Steps in the Bank Reconciliation Process
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Acquiring bank statements and preparing business records
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Comparing line items and adjusting balances
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Final check and documentation
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Effective Bank Reconciliation Guidelines
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Best practices for recording transactions
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Monthly reconciliation and standardizing workflows
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The role of automation in reconciliation
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Automated Bank Reconciliation Tools
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Key features of automated systems
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Advantages of automation in bank reconciliation
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Examples and case studies of successful implementation
