Accounting Finance:Accounting Finance: CIBC USD and Payroll Reconciliation

Overview

All transactions that clear the bank on a monthly basis for the USD (02-52913) and Payroll (80-18316) accounts need to be reconciled every month. Any variances need to be recorded and presented on the monthly bank reconciliation.

Required Documents

• Download the bank statements from the CIBC CMO website for the USD (02-52913) and Payroll (80-18316) accounts for the previous month o In the CMO Website go to ‘’’Information Reporting’’’ and under ‘’’Reports’’’, ‘’’Filter’’’ to ‘’’Prior Day’’’. o Select ‘’’Transaction and Balance Statement’’’, and filter to the previous month’s dates. o Select the appropriate account • Open the Bank Reconciliation worksheets (LINK) • In ASW open up the cash book o For USD the bank account will be 002 o For Payroll the bank account will be 005

Reconciliation

• Open up ASW ‘Work With Cashbook Reconciliation’’’ • Balance is on the upper right corner • Reconcile the amounts that have cleared to find the balance o DATE: Month end o Reconciliation date: Date the entry cleared the bank o Include any items left over that have not cleared under the balance as per bank statement section