Technology

03 Ways to Quickly and Accurately Reconcile Bank Accounts

Bank statement allows you to track the flow of money in your account, demonstrating the transparency of your income and expenses, providing a basis for future financial planning. So what are the different ways to obtain a bank statement? Explore them in the following article!

Administrator

20 February, 2024

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Bank account statements are now easy to obtaint. You can go directly to the bank’s branch or over the Mobile Banking or through the ATM. Specifics, pros and cons, and steps of each method of obtaining the bank account statement, please refer to the content below!

Benefits of obtaining bank account statements

The bank account statement is a form of detailed listing of the transaction history in the personal or organizational payment account. They include all credit transactions into and out of the account, such as receiving money, transferring money, paying bills, cash advances, etc.

This bank account statement has many benefits for the account owner:

Control of cash flow: When obtaining the bank account statement, you will have all the necessary information such as the beginning balance, ending balance, and all the transactions. From there, you can control the financial activities on your account, promptly detect any unusual transactions.
Evidence of transparency: The bank account statement will be an important document to prove the transparency of income and expense in companies, businesses when declaring taxes or implementing administrative procedures as required by authorities.
Create loan profiles: When borrowing, the bank account statement will help you prove your financial capacity and ability to repay debts.
Create financial plans for the future: Based on the history of cash inflows and outflows in the account, you can create an effective financial plan for the future, avoid spending beyond your means.

Instructions for obtaining bank account statements

Currently, if you want to obtain a bank account statement, you can do it in one of three ways:

Obtaining bank account statements directly at the bank branch

Advantages of obtaining bank statements directly at the bank

It is a legally valid printed statement because the information is printed on the bank’s paper and has the bank’s official stamp. You can use it to supplement documents, administrative procedures, or as evidence for complaints or reports.
You can see in detail and fully all transactions within the timeframe you requested.

Disadvantages of obtaining bank statements directly at the bank

Waiting time at the bank branch, especially during peak hours.
Cannot be accessed outside of working hours, weekends, holidays, Tet.
Printing fees, this fee will depend on the number of pages printed and the bank’s policy. Normally, the account statement fee at banks today is about 2,000 – 5,000 VND/page.

Steps to obtain bank statements at the bank branch

Step 1: Bring your personal identification documents (ID card, Passport) to the nearest bank branch.
Step 2: When it’s your turn to meet the bank staff, request assistance to obtain the bank account statement and present your personal identification documents.
Step 3: Fill out the account information, personal information on the bank’s account statement request form.
Step 4: Wait for the bank staff to check, verify the documents, and print the statement.
Step 5: Check the statement provided by the bank staff to ensure accuracy. If there are any mistakes, immediately request the staff’s assistance.

Obtaining bank statements online via Internet Banking/Mobile Banking

Advantages of obtaining bank statements online

Convenient access on your phone, laptop, anytime and anywhere.
Quick process, no need to take a number or wait like obtaining statements at the bank branch.
Multiple filtering options: Account number, recipient’s name, amount, transaction time, etc.

Disadvantages of obtaining bank statements online

No physical copy.
Information limitation according to the bank’s regulations such as transaction information, statement period, etc.
Need to register for Internet Banking/Mobile Banking.
Need to ensure stable internet connection throughout the statement checking process.

Steps to obtain bank statements online

Almost all banks in Vietnam have deployed online banking services. However, each bank designs and integrates their features in their own way. But in general, they will include the following basic steps:

Step 1: Firstly, you need to access your bank’s Internet Banking/Mobile Banking.

Step 2: Then, you log into your own online bank account.

Step 3: Next, select the account and the statement timeframe you want to view.

Step 4: The system will display detailed transaction information, and you can connect to a printer to print the statement.

Obtaining bank statements via ATM

Advantages of obtaining statements via ATM

Quick process, no need to go through complicated procedures.
No fee for printing statements.

Disadvantages of obtaining statements via ATM

No legal validity as there’s no bank stamp.
Can only view the 10 most recent transactions.

Steps to obtain statements via ATM

Step 1: First, insert your ATM card into the card slot on the machine.
Step 2: Next, select the transaction language and enter your PIN code.
Step 3: Then, press the Account Statement feature > Choose the Account to be stated, statement period.
Step 4: Wait for the machine to finish printing the statement, retrieve your ATM card and the copies of the statement, receipts.

Frequently asked questions

Reconciling bank accounts is crucial for maintaining accurate financial records and identifying any discrepancies or errors. It helps individuals and businesses ensure that their records match their bank’s records, preventing fraud, detecting errors, and making informed financial decisions.

Quick and accurate bank reconciliation offers several advantages. It helps in detecting and resolving errors promptly, preventing them from snowballing into bigger issues. Regular reconciliation also aids in fraud detection, as any unauthorized transactions or discrepancies will be swiftly noticed. Additionally, it provides a clear picture of financial health, cash flow, and spending patterns, enabling better financial management and planning.

The frequency of bank account reconciliation can vary depending on individual or business needs. However, it is generally recommended to perform reconciliation at regular intervals, such as monthly or quarterly. Higher-volume accounts or those with more complex transactions may require more frequent reconciliation, while lower-volume accounts can be reconciled less often.

The first step is to gather and organize all the necessary financial statements and records, including bank statements, transaction records, and previous reconciliation reports. Next, carefully review and match the transactions on your records with those on the bank statement. Identify and note any discrepancies or unmatched transactions. Then, make the necessary adjustments to your records to reflect the accurate information from the bank statement. Finally, create a reconciliation report that summarizes the adjustments made and the current balance, ensuring both your records and the bank’s records are aligned.

Technology, such as accounting software and online banking tools, can greatly assist in bank account reconciliation. These tools can automate much of the process, including downloading and importing transactions, categorizing and matching them, and identifying discrepancies. This not only saves time but also reduces the risk of human error. Additionally, these technologies often provide real-time updates and notifications, making it easier to stay on top of reconciliation tasks.