Bank Reconciliation
Speaker: Darren Whelan
Length: 45 Minutes
Published September 24, 2022
Last Updated on May 2, 2023
Who is this training for?
This online workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA’s, Legal Accounts Professionals, Legal Cashiers, Credit Controllers and anyone that has any involvement in working in legal finance and compliance.
Purpose of this training?
The bank reconciliation is a process which identifies the difference between the bank balance shown in a firm’s bank statements and the corresponding amount shown in the firm’s own accounting records at a specific point in time. The document used to record this process is referred to as a bank reconciliation statement/report or the ‘three way bank reconciliation statement’ when reconciling client bank accounts and money.
Most regulators require firms to complete at least every five weeks, a client bank reconciliation for all client bank accounts operated by that firm.
How a firm carries out and prepares bank reconciliations is a good indicator of the overall control environment within a firm. It’s one of the key controls – period. If it is not done compliantly it raises concerns about what else isn’t being done compliantly or at all, to reporting accountants and the SRA during monitoring visits.
- The Purpose
- Office/Business Account Reconciliation
- Client Account Reconciliation
- Designated Accounts
- Clients Own Accounts
- Multi-Currency
- Unreconciled Items
- Things to Look Out For
- Format and Layout
- Supporting Documentation
- Manual Reconciliations
- Computerised Reconciliations – Manual and Auto
Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow.
Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.
Frequently Asked Questions
It’s really simple:
- Reduced cost
- Can be watched anywhere, anytime on any device – no travel time or cost
- Shorter and more efficient than face-to-face
- Recorded and can be replayed at your leisure
Online – the Cons
On Demand is not for everyone one. People learn differently and watching a pre-recorded training video can feel very lonely and isolated. It requires strong, self-motivation and time management skills. There is no opportunity to ask a question and receive an answer straight away as you would with an online or a face-to-face workshop.
No. In order to watch them, you must watch them whilst logged into the website.
