Bank reconciliation income statement services: your finances will be in order with Atton Consulting

What is bank reconciliation income statement for

Companies that do business under the flag of the UAE, according to the law, must open bank accounts in the Emirates to finance their operations. Therefore, they need a regular bank reconciliation income statement. Local banks deposit and debit customer accounts in accordance with Emirati laws and their own internal account servicing procedures, and firms do not always have the opportunity to speak with the bank in its language and do not know banking terminology. In order not to get confused by the requirements of the UAE banking system and to be sure that your account transactions are reflected correctly, contact our company for professional consulting support!

Atton Consulting offers outsourcing procedures that will be useful for your business when interacting with banks in Dubai. For example, a full or selective audit of a bank statement:

• the state of the account, the completeness of the reflection of transactions, the reliability of information, the accuracy of the specified amounts and counterparties, compliance with supporting documents;
• the amount of commission for banking services for issuing a statement;
• bank statement of the credit card account;
• canceled checks on bank statements;
• verification in case of notification of insufficient funds on the account;
• the presence of an outstanding deposit in a bank statement;
• putting in order accounting records and accounts in accordance with statements;
• compliance of the amounts of payments, taking into account the currency of the transaction and the exchange rate on the date of the transaction.

Bank reconciliation income statement services: advantages of Atton Consulting

A bank account statement contains information on debits and credits for a certain period of time (day, week, month, etc.): opening balance at the beginning of the period, account currency, numbers of supporting documents and amounts, dates and nature of transactions, balance at the end period and other information. All this will be properly verified by our specialists, who have been cooperating with Dubai banking organizations for many years and are well aware of their internal requirements for generating statements. Our main goal in this case is to reconcile the information on the account received from the bank as accurately as possible with the accounting records of your company. Ask your questions about bank accounts at the first consultation with our managers and learn about the benefits of auditing bank account statements!

Our team of experts will reconcile the bank account statement, analyze the interaction with the bank, and audit the reconciliation report. This type of verification is an important internal control tool that allows you to detect fraud with checks in time, cash out and prevent them. We will help you identify accounting and banking errors using up-to-date audit tools. Any discrepancies will be immediately reflected in the report, and expert recommendations from Atton Consulting will be offered to eliminate them. Contact professional services and get ready-made accounting solutions for your business!

FAQ

What is a bank statement reconciliation?

The Bank Reconciliation Income Statement service is a summary of information on banking and commercial activities. Technically, the audit looks like a reconciliation of the organization's bank account statement with its financial statements. As a result, the company receives a complete report on the compliance of all amounts, payments, write-offs, receipts, withdrawals, etc. with accounting documents.

What is the purpose of bank account reconciliation?

Reconciliation is necessary to confirm the reliability of the company's operations on the account, to identify the status of the account at the end of the period or on a certain date. This is necessary to update the financial information used by management to make management decisions.

What is a Bank Account Reconciliation Report?

A bank reconciliation report is a summary document that shows the difference as of a certain date between the balance shown on the bank statement and the corresponding amount in the organization's own accounting records, i.e. in the cash book. Atton Consulting accountants have gained extensive experience in working with account statements in various banks in the Emirates, so they will quickly and accurately determine the completeness and compliance with your company's financial statements.

Which accounts need to be reconciled?

Reconciliation should be performed on credit card transactions, payables and receivables, payroll, fixed assets, deferred payment accounts, and other data reflected in the organization's general ledger or balance sheet.

What is a bank statement reconciliation?

It is the process of matching balances and other data in an organization's accounting records with information on a bank statement. Atton Consulting specialists will conduct a full audit of your cash book with account statements received from banks. You will be aware of any discrepancies or missing required documents before it could become known to the regulatory authorities.