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Explain steps of bank reconciliation ??

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Question ajoutée par Ahmed kandil , Cost Controller , Battour Holding Cpompany
Date de publication: 2014/09/25
Subash Thomas
par Subash Thomas , Manager- Internal Audit. , Confidential Company

1. Keep the ledger account and corresponding bank statement ready. (obviously the balances may not be the same and that is why a reconciliation is required)

2. Start from the balance shown by the ledger account.

3. Check the ledger account for transactions which are not reflected in the bank statement. (eg. Cheque issued, but not presented in the bank, cheque deposited but not collected by bank etc.)

4. Reverse these entries by adding or deducting from the ledger balance as the case may be.

5. Check the bank statement for transactions which are not reflected in the ledger account. (eg. bank charges, cash/cheque directly deposited in to the bank account by customers/clients etc.)

6. Incorporate these transactions in to the balance obtained in step4 by adding or deducting as the case may be.

7. What you see now is the balance shown by the bank statement. (if your additions and deductions are correct!)

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