You can download the Excel file from here for practice.
1. What are the 5 types of reconciliation?
Bank reconciliation, vendor reconciliation, business-specific reconciliation, intercompany reconciliation, and customer reconciliation are the five main categories of account reconciliation. And they all assist you in maintaining your balances.
2. What is the formula for reconciliation in Excel?
There are three Excel functions for reconciliation, they are VLOOKUP, SUMIF, and COUNTIF functions.
The VLOOKUP function can locate values in a database and provide the value based on the number of columns in that database. You can compare the amount entered in two different financial registers using this VLOOKUP function.
The sum of the found values in a range is then added by the SUMIF function. This function is helpful for adding just values that correspond to the two different financial registers that are provided.
The number of times values are present in each given range is also added by the COUNTIF function. This function is used to catch duplicate values in the given range.
3. How do you automate reconciliation in Excel?
You can automate reconciliation in Excel by using VBA Macros. To know about this topic, visit the article below: Automation of Bank Reconciliation with Excel Macros.
Sajid Ahmed, a BSc graduate in Naval Architecture & Engineering from Bangladesh University of Engineering and Technology, assumes the position of an Excel & VBA Content Developer at ExcelDemy. A self-motivated individual, his profound interest in research and innovation aligns seamlessly with his passion for Excel. In this role, Sajid not only adeptly addresses challenges but also demonstrates enthusiasm and expertise in gracefully navigating complex situations. This underscores his steadfast commitment to consistently delivering exceptional content. His interests. Read Full Bio
