Services
Bank Reconciliation Services Dubai
Looking for reliable professionals to manage your account reconciliations?
Are you in need of professional assistance to reconcile your accounts? KLOUDAC offers expert bank reconciliation services in Dubai for organisations of all types and sizes. With our specialised account reconciliation solutions, we ensure that your actual account balances align with corresponding bank statements, helping to prevent fraud and legal complications, allowing you to stay focused on your core business objectives. By outsourcing bank reconciliation tasks to a financial expert like KLOUDAC, you not only verify the accuracy of your company’s financial records but also maintain compliance with all regulatory and statutory requirements.
For companies handling a high volume of transactions, whether through online payments, cash, or cheque deposits and withdrawals, the reconciliation process can be time-consuming for in-house accounting teams. In such situations, outsourcing the bank reconciliation function becomes a practical and efficient solution.
Bank Reconciliation Process
Regular and timely bank reconciliation is crucial for maintaining accurate financial records, ensuring sufficient fund availability, and strengthening internal financial control.
Step 01: Match the Deposits
Start by matching the deposits recorded in your business records with those shown in the bank statement. Compare the debit side of the bank column in your cashbook with the credit side of the bank statement, and vice versa. Identify and mark the entries that appear in both sets of records.
Step 02: Adjust the Bank Statement
Adjust the balance on the bank statement to reflect the corrected amount. This involves adding deposits in transit, subtracting outstanding checks, and accounting for any bank errors by adding or deducting the appropriate amounts.
Step 03: Adjust the Cash Account
Update the business’s cash account by incorporating interest earnings or subtracting monthly charges and overdraft fees. This also includes adjustments for bank charges, NSF (non-sufficient funds) checks, and any errors found in the accounting records.
Step 04: Reconcile the Balances
Once adjustments are made in both the bank statement and the cashbook, the resulting balances should be identical. If they are not, the reconciliation process must be repeated. After ensuring both balances match, journal entries should be prepared to reflect the adjustments made to the cashbook.
Our professionals assist businesses in preparing these journal entries once the balances are aligned. Timely reconciliation is crucial for maintaining effective control over finances and ensuring sufficient liquidity in the organisation.
Frequently Asked Questions
Find answers to common queries about KLOUDAC’s Bank Reconciliation Services in Dubai and discover how we help ensure your financial records stay accurate and up-to-date.
Account reconciliation is the process of comparing two sets of financial records to ensure they are accurate and consistent. Typically, this involves verifying that the cash outflows from a checking account match the corresponding invoices or transactions.
In simple terms, it’s a review and validation of financial statements and supporting documents to confirm accuracy. Reconciliation is essential for closing the books correctly and enhancing the reliability of internal financial reports.
Ideally, bank accounts should be reconciled every time a statement is received, commonly at the end of each month.
However, for businesses with a high volume of transactions, reconciliation may be performed weekly or even daily to ensure accuracy and control.
Bank reconciliation serves several key purposes, including:
- Identifying errors such as duplicate or missed payments, and miscalculations
- Recording bank fees, penalties, and interest accurately in the books
- Detecting fraudulent activity or unauthorised transactions
- Monitoring accounts payable and receivable for better financial control
Professional account reconciliation services typically include:
- Bank Statement Reconciliation: Matching internal cash records with bank statements
- Vendor/Supplier Ledger Reconciliation: Verifying vendor payments and outstanding balances
- Customer Ledger Reconciliation: Ensuring customer receipts are accurately recorded
- Intercompany Reconciliation: Aligning transactions and balances between related entities
Get in Touch!
Have questions or need support?
Reach out to the KLOUDAC team, we’re here to help you every step of the way.
