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Virtual Administration - Bank Reconciliation

Balancing the company's cash account to the bank's balance is the only way to verify the integrity of information within LAWS/Pro and guard against possible errors, fraud or embezzlement. If the company's cash balance matches the bank statement, the company can be reasonably assured that all receipt and disbursement activity has been posted throughout the system correctly. There may however exist misapplications which will be found upon normal review and addressed on a instance by instance basis.
Prior to forwarding the bank statement to the Virtual Administrator, it is imperative that the managing professional physically review the returned checks and electronic disbursements for reasonability. The Virtual Administrator may then provide the following services:
Reconcile cash account: Verification that all checks returned with the bank statement and all noted deposits have been processed correctly through the system. Discrepancies will be discussed with the company and corrected by the Virtual Administrator through the web-based LAWS/Pro application.
Detail review of electronic transfers: Electronic transfers represent direct deductions from the bank account without use of a company prepared check. All electronic transfers are reviewed for accuracy and brought to the attention of the company to eliminate the possibility of unauthorized distributions from the account.
Correction of discovered procedural problems: Procedural problems - such as non-recorded manually prepared checks or deposits taken to the bank but not processed against the outstanding accounts receivable balance due - are often discovered during the reconciliation process. These problems may be immediately addressed with the appropriate individuals within the company and corrected thereby increasing the future reliability of the application.

DeskTop Business Solutions, LLC

P.O. Box 455, Roscommon, MI 48653
Phone: (989) 275-4843

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