Bank Reconciliations
ACI prepares monthly bank reconciliations for all broker dealer accounts to ensure accurate month end net capital reporting.
Bank Reconciliations are a critical component of financial statement preparation. ACI exercises care in reconciling all bank accounts for our clients on a monthly basis. FINRA has placed increasing importance on the reconciliation of cash and the value in establishing strong internal controls over cash activity. As a best practice, we always segregate the bank reconciliation process from all bookkeeping activity. Having proper segregation of duties minimizes exposure to fraud, misappropriation of assets or any other inappropriate activity in regards to cash.
To maximize efficiency in the reconciliation process, we request online (view only) access to bank statements. This allows the bookkeeping staff to keep bank activity up to date on a daily basis and allows the bank reconciliation department to verify cash shortly after month end.
Give us a call at 212-668-8700, or follow the contact form link below to learn more.