Consistency Is What Keeps Bank Reconciliations From Drifting
Bank reconciliations tend to break down when the steps change from month to month. In MIP®, using a standard checklist keeps the process stable even when volume, staff, or timing changes.
A solid checklist usually starts with verifying roll-forward balances so the current period begins on the right footing. Bank fees and interest are posted next so the reconciliation grid reflects all bank-side activity. Auto-matching is then applied, followed by focused work on true exceptions. Once clearing is complete, the summary and outstanding reports are printed or saved, the reconciliation is locked, and the documentation is archived.
Following the same sequence every month reduces judgment calls during close. Problems stand out faster because the process is predictable. Reviews take less time because the evidence is consistent. Most importantly, reconciliations stop depending on memory or individual preference.
This video is for accounting teams that want reconciliations to be repeatable and reviewable regardless of who is doing the work. It is not intended for organizations that rely on informal routines or reinvent the process each month.
McGovern Consulting Group provides MIP Accounting® Training and Implementation Services. We focus on standardization because reliable financial processes are built on habits that do not change under pressure.
If you want a reconciliation process that runs the same way every month and holds up under review, schedule time with us to walk through your checklist.
https://mcgoverncg.com/schedule/
If you want to strengthen your MIP fundamentals first, free MIP® fund accounting training is available here.
https://www.freemipfundaccountingtraining.com/
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