BANK RECONCILIATION AUTOMATION TEMPLATE

Created by ChecklistGuro (https://checklistguro.com)

[ ] Fetch Bank Statement Entries: Retrieve all pending transactions from the Bank Statement data model for the current period.
[ ] Fetch Internal Ledger Entries: Retrieve all recorded transactions from the Internal Accounting data model.
[ ] Sum Total Bank Debits: Calculate the total sum of all debit amounts from the fetched bank statement entries.
[ ] Sum Total Bank Credits: Calculate the total sum of all credit amounts from the fetched bank statement entries.
[ ] Sum Total Ledger Credits: Calculate the total sum of all credit amounts from the internal ledger entries.
[ ] Calculate Bank Balance Variance: Subtract the total ledger credits from the total bank credits to identify discrepancies.
[ ] Create Discrepancy Review Task: Assign a task to the Finance Controller if the variance is not zero.
[ ] Mark Transactions as Reconciled: Update the status of matched entries in the Bank Statement model to 'Reconciled'.
[ ] Create Reconciliation Report Entry: Create a new record in the Reconciliation Logs data model containing the final summary.
[ ] Generate Monthly Reconciliation Report: Generate a PDF report summarizing all matched and unmatched transactions for the period.
[ ] Notify Finance Team: Send an email to the accounting department with the link to the completed reconciliation report.

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