Dorabjee's is one of the oldest Departmental Stores in Pune.
Dorabjee's identified that there was a problem in their bank reconciliation and invited TopSource in May 2012 to review their Bank reconciliation process and controls and provide recommendations to address this problem. Bank reconciliation at Dorabjee's was reconciled till March 2011 with unreconciled transactions from 2006. Bank reconciliation was also completed episodically. There was no specific process or controls in bank reconciliation process.
TopSource took a number of steps to arrive at an effective solution :
Bank reconciliation is up to date and completed on monthly basis. All open issues are reported to Dorabjee's and resolved. Dorabjee's can rely and use the bank reconciliation as a tool to identify any errors in the accounting records of the company or bank. It provides an added comfort to Dorabjee's that the bank transactions have been recorded correctly in the company records. Monthly preparation of bank reconciliation assists Dorabjee's in the regular monitoring of cash flow of a business.