Free Bank Reconciliation Template
Simply download the template in .XLS, .DOC, PDF, Google Sheets or Google Docs to create the perfect Bank Reconciliation sheet for your business.
Get Your Free Bank Reconciliation Template
Ready to create detailed accounting reports? Download your bank reconciliation template from FreshBooks to get started.
Once you’ve downloaded your template, simply input your business name and information in the header. Then, get to work plugging in your numbers. Many business owners choose to create financial reports for set periods of time, for example, per month, quarter or year.
Get started customizing your bank reconciliation template?
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What is a Bank Reconciliation Sheet?
When you send or receive money, there is often a lapse between the time it exits one account and enters the next. This is the case for payments in the form of both electronic transfers and checks. When this happens, the two accounts will have different time stamps for the transactions.
Bank reconciliation is part of double-entry accounting. It records money leaving one account and entering another. The purpose of this is to avoid confusion if there is ever a need for the sender and recipient to compare transactions.
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Why Use a Bank Reconciliation?
Double entry accounting—the advanced accounting method that bank reconciliation fall under—is used to clear up any discrepancies between books. Account reconciliation sheets are used to demonstrate when money has left one account and entered another.
This accounting method is particularly useful when it comes to avoiding confusion and miscommunication between you and your clients. For example, if your client sends you money on Monday, their account will reflect that the money was sent on Monday. However, banks typically take time to process payments so the money may not show up in your account until Tuesday. It’s important that this discrepancy is recorded.
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How Do I Use a Bank
Reconciliation?
Choose Your Format
Decide which format works best for you.
Download Template
Download the accounts reconciliation template from FreshBooks.
Add Your Business Info
Add your logo, business name and other business information.
Account for Deposits
Record the initiation and completion of payments you’ve received.
Account for Payments
Make a note of the initiation and completion of payments from your account.
Check for Discrepancies
Read over and check the report a final time to find errors or discrepancies.
Download Accounting Reports Templates for Free
If you are taking accounting into your own hands, the first step is identifying what sort of report you need. FreshBooks offers a collection of accounting report templates to help you start off on the right foot. Download the templates to start putting together your business reports.
Frequently Asked Questions
What is the purpose of a bank reconciliation template?
The purpose of a bank reconciliation template is to create thorough, accurate and detailed bank reconciliation sheets. This type of report is used to draw the connection between the money being sent and received in every transaction.
What information does a bank reconciliation statement include?
Bank reconciliation statements layout when money has left one bank account and entered another during transactions during a given period. By accounting for this, you can avoid costly bookkeeping mistakes.
What is the best file type to download a reconciliation template in?
While you’re free to download the simple bank reconciliation template in whichever format you choose, FreshBooks recommends using either Excel or Google Sheets. These spreadsheets are great when you’re logging numerical data. They also help you keep everything organized.
Why do I need the FreshBooks accounting when I have access to free accounting templates?
While free accounting report templates help you save money on your accounting, they can take time to fill out and can be confusing if you are not an accountant. Why not automate your bookkeeping? FreshBooks cloud accounting software is efficient, streamlined and based completely online. The accounting software from FreshBooks helps to automate many of your accounting procedures.
Does FreshBooks accounting software include automated bank reconciliation generation?
FreshBooks offers a variety of automated accounting services, including bank reconciliation generation. Using cloud accounting software helps you to save time and resources while you manage your books.
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