An Insight to Bank Reconciliation & Its Significance
It is a report which compares the bank balance as per company's
accounting records (Record Book) with the balance stated in the
bank account statement (Bank Statement) . Bank reconciliation
is a great way to find typos, missing transactions, and duplicate
transactions that could lead to inaccurate reports.
It is a book or register
maintained by company to
keep record of receipts and
payments of money
List all the deposits and
withdrawals that company
had in specific period of
A bank statement is a summary of
financial transactions which have occurred
over a given period on a bank account
held by a person or business.
Once in a month, this bank statement is
issued by bank to its customers holding
List all the deposits and cash
withdrawals made by company in
given period of time.
List only those deposits and withdrawals
that had been processed through banks.
Collect all the documents that are required to prepare the
The important documents for this purpose would be register in
which record is maintained every month and the bank statement
received from the bank.
Identify difference between cash book and bank statement.
Make list of items that has been recorded in the account book
but not there in bank statement .
Any Debits that have not been accounted for, will need to be
deducted from the balance on the bank statement. Likewise, any
credits that have not been accounted for will be added to the
balance on the bank statement.
Make appropriate additions or deductions to correct errors.
If the balances match, then post all the changes and close the
segment, otherwise repeat this process until the balances are
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Account Reconciliation Process
Identifying errors in the accounting
records of the company or the bank accounts.
Assists in Regular Monitoring of cash
flows of a business.
Check on accuracy of entries made in both
accounting records of the company or the bank.
Delay in collection of cheques or non-
payment of cheques can be brought into
Have you faced errors or setbacks
while Reconciling your
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Full and partial reconciliation
Reconciliation of Accounts Statements for your internal
Reconciling your internal finance data with the client’s credit
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Reconciling bank statements with the records managed by
Creating bank reconciliation reports
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