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What are the major complications involved in preparation of bank reconciliation statement?

Bank reconciliation preparation involves comparing transaction found in both bank statement and cash book, analyzing them, using the analyses to reconcile the difference.

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تم إضافة السؤال من قبل Musa Muhammad Dandikko , Ag. Head of Procurement , Federal College of Education, Katsina
تاريخ النشر: 2013/09/13
Sajjad Ali
من قبل Sajjad Ali , Manager Accounts , Jubilee General Insurance Co Ltd (Formerly New Jubilee Insurance Co Ltd)

An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate.

Suhail Ummer
من قبل Suhail Ummer , Senior Financial Accountant , Design Lounge

During reconciliation big amounts can be easily identified/ reconciled. The complication comes when there is difference of fractions maily due to posting errors, exchange fluctuations during Foreign Transfer etc.

Ansar TE
من قبل Ansar TE , Senior Accountant , IMACHINES W.L.L

The complications arises when we dont have an accurate data available.If the entered data is accurate bank reconciliation is an easy process.We can find the over all mistakes happened in the books of accounts through bank reconciliation.Mainly it can eliminate doubling entries and will help us to provide a perfect financial statment to the Managment.

 

Adeel Khan
من قبل Adeel Khan , Section Head - Bank Reconciliation and Card Operations , BankIslami Limited

Reconciliation is an accounting process that uses two sets of records to ensure figures are accurate and in agreement.The main problems arises when you have one to many and many to one knockouts plus they dont have matching primary keys (identifiers). Here where the main recon works come via verification and cordination. Therefore, correspondence and feedbacks on matching and unmatching is very necessary with stakehoders. 

Ajay Kumar Ajay Kumar
من قبل Ajay Kumar Ajay Kumar , Account Executive , Shyam Steel Industries Ltd

mismatch between the reference number given by the bank in passbook and the reference number given in internal software.

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