Course description
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.
Upcoming start dates
Suitability - Who should attend?
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
Outcome / Qualification etc.
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
Training Course Content
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
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Rcademy
Rcademy is a global training and consultation organisation set out to bridge the gap between you now and what you can be in the near future. We are facilitators of knowledge impartation. Our team of established and experienced training enthusiasts...