Bank Reconciliation Automation in Microsoft Excel

Want automated bank reconciliation in Excel?

Automation in bank reconciliation using Excel refers to the use of automated tools, functions, or macros to streamline and expedite the reconciliation process.

Automation in this context can involve using Excel functions and formulas to automatically match and compare transactions, identify discrepancies, and calculate differences between the bank statement and your records.

It may also include the use of macros or scripts to automate repetitive tasks, such as importing bank statements, categorizing transactions, and updating the reconciliation status.

The goal of automation in bank reconciliation is to reduce manual effort, minimize errors, and increase efficiency in the reconciliation process.

By automating certain steps, you can save time and ensure that your financial records are accurate and up-to-date.

How to make bank reconciliation

Before continuing, learn first how to make a bank reconciliation.

However, if you know already, you can go on.

Bank Reconciliation Template

For more information go here: Bank reconciliation template.

Excel Formulas/Functions

The formulas/functions we will be using in order to do the automation of bank reconciliation in Excel are:

  • Sumif
  • Vlookup
  • Countif

Reconciling Cash Deposits with bank statement

Bank Reconciliation includes Reconciling cash deposits with bank statement and it can aslo have some sort of automation in Excel.

For instance, the SUMIF function in Excel is used to sum values in a range based on a specified condition or criteria.

It allows you to add up the values in a range that meet a particular criterion or satisfy a specific condition.

So, we use batch numbers when we reconcile in Excel.

Next, manually add batch numbers on all credits from a bank statement.

bank statement credits with batch numbers

After using the SUMIF function, the result looks like this

Column G in Excel Calculates the deposits in transit.

Reconciling Check Issuance

In bank reconciliation, reconciling check issauance in Excel, uses the VLOOKUP function for automation.

The VLOOKUP function in Excel is a powerful tool for searching for a value in a table and retrieving information from that table.

The term “VLOOKUP” stands for “Vertical Lookup,” and it is particularly useful for looking up information in a vertical arrangement of data.

If the value is not found in the bank statement, which is mark as #N/A, it means that it is an outstanding check.

Download Links

Click here to download reconciling Deposits.

Click here to download reconciling checks.

Jason John Wethe
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