Year End Account Reconciliation

Steps to Complete a Bank Reconciliation:

Pick a date to begin the reconciliation - this should be relatively close to the season start. If the account was opened a little later in the season, then use the opening date of the account. The date should be before the first transaction was recorded in the account this season. Record the opening bank balance and date, per bank statement.

Provide a summary of all transactions in the account - income in, expenses out. There should be receipts to justify expenses. If there are multiple transactions in one account type, they can be totaled and reported - for example, entering 2 tournaments or attending 3 power skating/development sessions, or 6 monthly credit interest transactions.

Pick a date to end the reconciliation - this should date should be relatively close to your season end. The date should be the last day you transact on the account, or shortly after. Record the closing bank balance and date, per bank statement.

Calculate the closing balance using the following formula:

OPENING BALANCE + INCOME - EXPENSE = CLOSING BALANCE

The calculated closing balance should be the same as the closing balance on the bank statement.
Please have bank reconciliation audited by a division director or team manager from SMHA. If none can be found, the statements may be audited by a qualified parent on your team or within your division - some clerical or accounting/book keeping experience would be preferred. The auditor must email the treasurer to indicate that the audit has been completed.

PDF Blank Bank Reconciliation for Team or Tournament Account

PDF Example of Bank Reconciliation for Team Account

PDF Example of Bank Reconciliation for Tournament Account