Preparing bank reconciliation is a very important element of bookkeeping. Whether you are keeping your own books and records or you have employed the services of a bookkeeper, preparing a monthly bank reconciliation should be a 'must do' on your bookkeeping checklist.
Bank reconciliation essentially lets you to reconcile your cashbook records (receipts and payments) to the business bank account statements. It is basically a check to approve you have not missed any business financial transactions in your cashbook during the period.
Outlined below are a few of the common mistakes which some people make when preparing bank reconciliation:
Finally, some entries on a bank reconciliation include listing the amounts of any cheques which were written before the end of a specific month, but do not appear in the bank statement until after the end of the month. These are known as outstanding or o/s cheques. It is significant to confirm the outstanding cheques on the bank reconciliation for the previous month all cleared. Certainly, it is perfectly possible that a cheque for the prior month, which you estimated to clear, is still outstanding. If it is still outstanding it must be carried forward and entered again on your current reconciliation. Failure to carry forward these un-cleared cheques is a common mistake that numerous people make when completing bank reconciliation.
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