Register now or log in to join your professional community.
To prepare Bank Reconciliation one needs
1. Cash book of the company
2. Bank statement for all the various accounts within the cash book
We prepare bank reconciliation to
1. Check the arithmetical accuracy of entries within the cash book and the bank statement
2. Detect and correct any discrepancies between the cash book and the bank statement among others
We need statements of accounts from Bank and statements from our side for the particular accounts.
Reconciliation process is just making sure that the our statements are in line with bank statements of our accounts. If we find any disparity in any transactions, we may reach to the documents related to those transactions and correct accordingly by passing appropriate entries.
The following should be noted in bank reconciliation:-
1 Cheque issued but not collected
2 Cheque received but not encashed
Bank Reconciliation will give clear picture to the management about bank position, where cheque issued but not deposited by the customer and cheque deposited into the bank but not collected by the bank .
We need to prepare Bank Reconciliation for manage both books of bank and the Company. Its Helpful for manage efficiently financial needs and maintain our balance with bank.
review bank statement of company to submit his request for any financial
bank reconciliation is used to compare your records to those of your bank, to see if there are any differences between these two sets of records for your cash transactions.
a bank statement till end of the period that you want to reconciliation and submitted transactions in your book.
Required Bank Statement & Book Statement of the Company
To do Bank reconciliation, we will require bank statement of concern bank, bank book where we record the transactions.
We need bank statement from the bank conc.erned and bank account details as per cash book to reconcile the differences and to take proper corrective action and/or follow up action where necessary.
Bank statement and a cashbook
