Bank Reconciliation Accountant Job Description, Duties, and Responsibilities

This post provides detailed information on the bank reconciliation accountant job description, including the key duties, tasks, and responsibilities they commonly perform.

It also highlights the major requirements that you may be expected to meet to be hired for the bank reconciliation accountant role by most recruiters/employers.

What Does a Bank Reconciliation Accountant Do?

A bank reconciliation accountant is a professional who is charged to ensure that cash amounts in an organization’s accounting ledgers reconcile with actual bank balance.

The bank reconciliation accountant job description also entails ensuring that guidelines and policies around cash processes are effective and efficient; and that such policies should help to prevent significant errors that may arise in any cash balance calculations.

Effective and adequate in-house policies will reduce problems in cash reconciliation reasonably. Such adequate procedures will help to provide a detailed list of instructions that other employees in the accounting department working on any cash transactions can follow to achieve impeccable results. Such cash transactions may include payroll.

A bank reconciliation accountant also helps in reviewing an organization’s bank accounts, checks, and balances as against amounts in the ledger and goes a step further to verify that such amounts agree with financial statement items like asset, liability, revenue, and expense.

Bank reconciliation typically happens at the end of every month when the organization involved get hold of their bank statements.

The accountant tracks every item in the bank statements and confirms all of them; efforts are made to search for items that do not reconcile with the bank statements with the aim of reconciling them.

Bank Reconciliation Accountant Job Description Example/Sample/Template

Bank reconciliation accountants perform different functions in ensuring proper and accurate reconciliation of an organization’s actual bank balance with cash amounts in the ledger.

The duties, tasks, objectives that commonly make up the job description for bank reconciliation accountants in most organizations are shown below:

• Monitor all banking activities in order to detect irregularities
• Investigate all transactions in order to prevent fraud
• Provide feedback to the accounting department on how to improve on internal controls, and also pinpoint areas where risks relating to banking transactions can be minimized
• Provide documentation for the purpose of supporting all financial transactions
• Prepare monthly bank reconciliation reports regarding all cash deposits to the bank(s)
• Assist auditors – internal and external – with documentation required for the auditors to do their job satisfactorily
• Perform the reconciliation and verification of accounts regarding cash at hand and cash at bank
• Reconcile and process transactions that are complex in nature
• Maintain required files, reports, and data
• Reconcile and rectify all ledger accounts belonging to customers
• Reconcile accounts that fall into receivable records with the sales invoices
• Maintain constant contacts with the company’s customers
• Follows up all transactions continuously and provide updates to the management
• Adhere to corporate standards and procedures in all reconciliation activities
• Improve personal skill set regarding software proficiency, financial analysis and data processing
• File all prepared accounts in a well-organized manner
• Track all inventories regularly and report to the management with the inventory records
• Reconcile discrepancies in different accounts
• Answer customers or clients questions regarding any financial issues
• Perform all other related duties as assigned to meet the needs of the organization
• Collaborate with the storekeeper regarding stocks available in the store or warehouse.

Download job description template.

Requirements – Skills, Abilities, and Knowledge – for Bank Reconciliation Accountant Role

Employers of bank reconciliation accountants expect them to be competent and possess the right skills, abilities, experience, and knowledge.

If you are seeking the role of a bank reconciliation accountant, the following are major requirements most organizations might ask you to fulfill:

• Degree in Accountancy and qualifications from professional accounting bodies would be an added advantage
• Possess knowledge of general accounting principles and workings of the banking systems
• Demonstrate the required skill to perform detailed work accurately and promptly too
• Exemplify good communication skill and ability to communicate professionally with others both verbally and in writing
• Display problem-solving skill even under stressful conditions and deadlines
• Proficiency in Microsoft Office applications like Microsoft Word, Excel, and PowerPoint
• Able to manage own time and that of others effectively
• Manage and develop others in order to achieve organizational goals.

Conclusion

If you are an employer needing to hire for the role of bank reconciliation accountant, you can use the sample job description provided in this article to make the perfect description for the position in your organization.

When you publish a detailed bank reconciliation accountant work description to guide interested individuals in applying for the position, your chances of attracting the best people for the job is increased.

Also, if you are looking to become a bank reconciliation accountant, this post will help you prepare for a successful career as it presents the duties, purpose, and responsibilities, as well as the requirements to succeed on the job.