Why this exists
Accurate bank reconciliations are the foundation of trustworthy financial reporting at Greens. By reconciling every Greens Group bank account each month, you confirm that the balances recorded in our general ledger match what our financial institutions show. This catches errors, identifies unauthorized transactions early, and ensures leadership can rely on our financial statements to make sound business decisions.
Who does what
- Corporate Accounting — Performs the monthly reconciliation for every Greens Group bank account, investigates and resolves any discrepancies, and files all supporting documentation in Greens Drive.
- General Manager — Provides timely access to property-level deposit records, voided checks, and any other supporting documentation requested during the reconciliation process.
Steps
- At the close of each month, download the bank statement for every Greens Group bank account directly from the financial institution.
- Save each bank statement in Greens Drive using the Greens Standard File Naming Convention so that documents remain easy to locate and audit.
- Reconcile each account by comparing the bank statement against the corresponding general ledger balance, matching deposits, withdrawals, transfers, and outstanding items.
- Investigate any variance between the bank statement and the general ledger. Resolve every discrepancy — no matter how small — before finalizing the reconciliation. Do not move forward with an unreconciled account.
- Save the completed reconciliation report, along with the supporting bank statement and any reconciling item documentation, in Greens Drive.
- Confirm that all accounts have been reconciled by the monthly close deadline.
Rules and exceptions
- Every Greens Group bank account must be reconciled monthly — there are no exceptions.
- Discrepancies must be fully resolved before the reconciliation is considered complete.
- All bank statements and reconciliation reports must be stored in Greens Drive and named according to the Greens Standard File Naming Convention.