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What is the meaning of bank reconciliation?
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[QUOTE="Mataracy, post: 133926, member: 28733"] To every company or business owners sometime do have one problem or the other with the bank when its come to the issue of lodging in money in to the bank and after sometime they find it difficult to relate the statement they have at hand with the bank statement. It is a usual doing that,the money paid in to or withdrawn from a bank account are entered in the cash book at one point in time while the bank will Aldo make the necessary entries in their books at another point in time. So, the cash balance at any point in time will different from the balance as shown in the bank books. The bank normally send bank statements with them to the depositor from time to time. The entries in the cash book appears on the opposite side of the bank statement,the reason is that from the depositor point of view cash is an asset and all increases should be debited an all decreases credited.However, from the banks point of view,the depositor as a creditor,so any increase in the account should be credited and decrease debited. A bank reconciliation statement therefore is normally prepared to reconcile or bring in to agreement the balances on the cash book and the bank statement. PURPOSE OF BANK RECONCILIATION STATRMENTS (1) To ensure that the differences on the books are due mainly to time difference in entering the items. (2) To show up- dated or true cash balance of the firm. What did you understand by bank reconciliation? [/QUOTE]
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What is the meaning of bank reconciliation?
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