Bank Reconciliation - Bank Reconciliation Statement

Bank Reconciliation Statement

A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a specific date.

This statement is the most common tool used through organizations for reconciling the balance as per books of company with the bank statement and is made at the end of every month. The main objective of reconciliation is to determine if the discrepancy is due to mistake rather than timing.

Bank Reconciliation Statement is a statement prepared to reconcile the balances of cash book maintained by the concern and pass book maintained by the bank at periodical intervals. At the end of every month entries in the cash book are compared with the entries in the pass book. The causes of differences in balances of both the books are analyzed and then reconciliation statement is prepared. This statement is prepared for a superior purpose and once in a month. It is prepared with a view to designate items which cause difference between the balances as per the bank columns of the cash book and the bank pass book at a precise date.

The difference between the two records on a given date may arise because of the following:

  • Cheques drawn but not still presented to the bank.
  • Cheques received but not still deposited in the bank.
  • Interest credited and not recorded in the organization's books.
  • Bank charges debited but not recorded in the organization's books.
  • Bank Reconciliation Statement procedure is being outsourced to professional accounting companies through large organizations. This assistance them have an exact view and also confirm that the company's bookkeeping is good.

Reconciliationaccounting make monthly reconciliation statements for customers and help them determine any discrepancy.

  • Faster processing
  • Requirement of less manpower?
  • Easy identification of mistakes

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Consistent Data Source – Reconciliationaccounting business give you consist and precise data which can be easily used for the benefits of the decision-making desires. This in turn guarantees competence in workflow and there is no expenditure of time.

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