Banking compliance workflow for Tallyfy

Close the books with confidence every month

Unreconciled accounts hide problems that compound over time. This workflow guides accounting staff through cash reconciliation, sub-ledger verification, suspense account clearing, and management certification so nothing slips through month-end close.

4 steps

2 fields

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Banking Accounting

Run this workflow in Tallyfy

Import this template into Tallyfy and assign reconciliation tasks to your accounting staff with preparer name captured at kickoff

Configure form fields to track cash account status, loan and deposit sub-ledger balances, suspense items over 30 days, and management sign-off

Run monthly reconciliations through Tallyfy with deadline tracking from 5 to 15 days to ensure all steps complete before month-end close

Import this template into Tallyfy

Process steps

Reconcile cash and correspondent accounts

5 days from previous step

task

Match the bank's nostro accounts (accounts held at other banks) against the statements you've received. You'll also tie the Fed account to the Federal Reserve statement. Chase down every outstanding item - don't leave anything unexplained. Cash accounts don't round; they reconcile to the penny. If there's a variance, it's a problem that needs fixing now, not later.

Form fields in this step

Cash Accounts Reconciled *

Outstanding Items Total

Items Over 30 Days

Reconcile loan and deposit sub-ledgers

7 days from previous step

task

Tie your loan system totals to the GL loan accounts, then tie deposit system totals to the GL deposit liability accounts. If you spot a variance, dig in - don't move on until you know why it's there. Getting your sub-ledger to match the GL is proof your systems aren't out of sync and that posting errors haven't slipped through.

Form fields in this step

Loan Sub-ledger Balanced *

Deposit Sub-ledger Balanced *

Variance Details (if any)

Reconcile suspense and clearing accounts

10 days from previous step

task

Go through every suspense and clearing account. In normal operations, these should clear out daily - so anything sitting here is already a flag. You'll need to investigate and clear any item that's been lingering over 30 days. Don't ignore old suspense items; they're often a sign of processing failures or, worse, losses that haven't surfaced yet.

Form fields in this step

Suspense Account Balances *

Items Over 30 Days *

Clearing Actions Taken

Management certification and filing

15 days from previous step

task

Put together the reconciliation summary for management review, get the right sign-offs, and file everything according to your retention schedule. If there are any open issues or variances you couldn't resolve, flag them now - don't bury them in the package. Examiners look closely at your reconciliations, so clean, well-documented work here matters.

Form fields in this step

All Reconciliations Complete *

Management Sign-off Obtained *

Issues Escalated *