Bank Reconciliation, Cash and Internal Controls Training Course

Why Select this Training Course?

The term “internal controls” describes the set of rules and checks put in place by an organization to guarantee the credibility and accuracy of its financial statements. Companies’ levels of susceptibility to fraud and malpractices and their credibility in reporting financial information may be inferred from the nature of their internal controls. An integral part of any sound internal control system, regular bank reconciliations are vital for spotting and stopping fraud.

How is bank reconciliation an internal control over cash?

It is a method of ensuring there is no fraud occurring while at the same time preventing errors from occurring, validating the accuracy of cash amount on the balance sheet, and, most importantly, controlling the statements. The accounting team takes the necessary action to ensure cash is substantiated on the balance sheet. On the other hand, bank reconciliation involves verifying the integrity of the balance sheet before they are confirmed. They also aid in detecting accounting and banking mistakes by explaining discrepancies between the cash on hand as recorded in the books and the money on hand as shown on the bank statement.

How does bank reconciliation work?

The process starts by receiving the bank statements first. Then the accountants will ensure the cash on the balance sheet is substantiated by all the recorded transactions on the general ledger. The data will then be matched with the bank statements from the bank. Therefore, a bank statement is required to handle bank reconciliation, and other supporting documentation can validate a transaction and its integrity.

The Bank Reconciliation, Cash, and Internal Controls Training Course by Rcademy intends to provide its participants with the practical knowledge and abilities necessary to undertake bank reconciliations and internal control professionally using the theoretical framework principles they have learned. In addition, it has been designed to give its participants the best techniques, tools, and methods to prevent administrative errors, detect fraud, and understand when to perform account reconciliations. This training course will focus on strategies to deal with cash control and internal cash reconciliation. It will teach its learners the fundamentals of internal controls, including the scope and purpose of cash control. In addition, they will gain the skills to evaluate bank statements and understand cash book balances with the ability to pinpoint the variation point in different accounts.

Who Should Attend?

The Bank Reconciliation, Cash, and Internal Controls Training Course by Rcademy is ideal for:

• Accountants
• Entrepreneurs
• Business managers
• Finance personnel
• Professionals preparing and controlling bank reconciliations
• Professionals who prepare or act upon budgets
• Staff controlling and preparing cash statements
• Professionals engaged in the budget process
• Managers who process payments

What are the Course Objectives?

The objectives of The Bank Reconciliation, Cash, and Internal Controls Training Course by Rcademy are to enable participants to:

• Understand how to handle internal controls
• Develop methods of recording petty cash
• Update checkbooks data with records to perform bank reconciliation
• Prepare cash receipts and interpret those that other people prepare
• Comprehend the process of the bank reconciliation
• Understand the importance of internal controls
• Understand data entry functions, including bank transactions, bank transfers, and bank deposits
• Recommend the most appropriate action in line with leading/international standards
• Prepare and use bank reconciliation statements
• Implement controls to reduce risk, errors, and fraud
• Prepare and understand the cash forecast
• Make a substantial and positive impact on their organizations and businesses
• Prepare budgets and cash flow forecast
• Customize the bank reconciliation setup to fit their business
• Produce quality financial analysis after verifying data entry

How will this course be presented?

To prepare learners for real-world problem-solving, this Rcademy training program will use tried-and-true techniques that have been thoroughly studied and shown effective.

This training program employs a wide range of instructional strategies, such as:

• Presentations
• Management Games,
• Group discussions and Assignments
• Interactive Exercises
• Case studies and more

What are the Topics Covered in this Course?

Module 1: Introduction to Bank Reconciliation, Cash, and Internal Controls

• Overview of internal control and bank reconciliation
• Cash internal controls
• Internal control goals
• The scope of the study
• Why cash and liquidity are kings
• Controlling different types of cash

Module 2: Cash Disbursements Internal Controls

• Basics of cash disbursements
• Understanding cash internal controls
• Preparing and understanding budgeting
• Creating a permanent record of every disbursement
• The minimum signature requirement for a material amount
• Creating strategic plans
• Preparing petty cash and check payments
• Who should perform reconciliation?

Module 3: Control Procedures for Cash

• Creating supporting documents
• Organizing duties for different employees to prevent fraud
• Documenting payments and creating procedures for payments
• Voiding all incorrectly prepared
• Tracking debts
• Procedure and principles for depositing cash
• Preparing received receipts

Module 4: Daily Procedures

• Clearing unused receipts
• Handling miscellaneous cheques
• Ensuring accurate bank transactions
• Bank transfer entry confirmation
• Recording cheques, adjustments, and withdrawals
• Depositing without receipts
• Recording receipt transactions
• Deposing with receipts

Module 5: Warehousing, Receiving, and Ordering: The Acquisitions Cycle

• Variations of the typical acquisition cycle
• Smaller entity
• Control matrix
• Retail environment
• Receiving and warehousing
• Manufacturing environment
• Controlling errors, controls, and frauds
• Services environment
• The acquisition cycle

Module 6: Expense Reimbursement Cycles and Payroll

• Control matrix
• Payroll system
• In addition, payroll control systems
• Other payroll compensation issues
• Types of Compensation

Module 7: Forensic Investigations and Auditing

• Correcting entries
• Accounting for merchandising
• Understanding transactions
• Bank reconciliation process
• Cash receipts and internal controls

Module 8: Maintaining Records

• Voiding transactions
• Report groups
• Removing history
• Using inquiries
• Deleting checkbooks
• Report options and printing
• Report list
• Features and Benefits
• Transferring existing checkbooks to bank reconciliations
• Bank reconciliation setup

Module 9: Preparing a Bank Reconciliation

• Handling undeposited negotiables money orders, cheques, and bank drafts
• Reading a bank statement
• Interpreting the company’s records from the general ledger postings
• Checking the balance sheets and merging them with the records
• Recording a deposit in transit
• Cheques
  – Outstanding cheques
  – Paid cheques
  – Cleared cheques
• Dealing with bank errors
• Bank debit and credit memos
• Accounting for interest paid by the bank
• Ending cash balance on reconciled to the adjusted statement balance
• Banking practice