similarity and difference between bank reconciliation and bank statement pdf

Similarity And Difference Between Bank Reconciliation And Bank Statement Pdf

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These records may disagree due to various reasons and show different balances. The amount of these checks are recorded by the company but no entry is made by the bank before the end of the month. X did not present this check before the end of January.

Internal audits are important in any company, to check whether a given procedure, system, project or product is sound. The same applies to bank reconciliations. But how do you audit a company's bank reconciliation?

Bank reconciliation statement

Updated on Jan 05, - PM. Businesses maintain cash book to record both the cash as well as bank transactions. A Cashbook has a cash column which shows cash available with the business and a bank column which shows cash at bank. Bank also keeps an account for every customer in their books. An account statement is sent regularly to the customers by the bank. It is important to reconcile the differences. For reconciling the balances as shown in the Cash Book and passbook a reconciliation statement is prepared known as Bank Reconciliation Statement or BRS.

The balance on the cash account which should be the same as the balance in the cash book is compared to the balance on the bank statements at a given date. However, these two balances may not agree. There are various reasons. Time lag between writing a cheque and the payment appearing on the bank statement unpresented cheques. Time lag between depositing amounts into the bank account and these appearing on the bank statement unrecorded lodgements.

Difference Between Cash Book Balance and Bank Statement Balance

Overview and Key Difference 2. What is Cash Book Balance 3. What is Bank Statement Balance 4. Following transactions are generally included in the cash book but not in the bank statement, thus resulting in a discrepancy. These are deposits sent by the company to the bank but have not been received by the bank on time before issuing the bank statement. Outstanding checks refer to the checks issued by the company but were not presented or cleared prior to the issuance of the bank statement.


The main reasons for differences between the cash book and the bank statement. The balance on the cash account (which should be the same as the balance in.


Chapter 12: Bank reconciliations

This chapter contains these topics:. Use processing options to set the default credit and debit transaction types, bank account, and transit account. Clear, create, and post any receipts or drafts collected. Clear, write, and post any payments or drafts paid. You can enter information from your bank statements to track all banking activity, such as electronic fund transfers.

How to Audit a Bank Reconciliation

Note that debits and credits are reversed in bank statementsbecause the bank will be recording the transaction from its point ofview, in accordance with the business entity concept. Reasons to prepare a bank reconciliation statement. The cash book records all transactions with the bank. The contents of the cash book should be exactly the same as therecord provided by the bank in the form of a bank statement, andtherefore our records should correspond with the bank statement.

After you refresh the reconciliation table, you can reconcile your bank statements. Final mode creates accounting batches, generates reconciliation reports, and updates the Account Ledger table F Refresh the reconciliation table. See Section This report shows summary information about each batch.


If there is any discrepancy between the cash book balance and that of bank a bank reconciliation statement (BRS) to explain the causes of differences and to Example: Dividend received directly into the business bank account, etc.


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If there is any discrepancy between the cash book balance and that of bank statement, then the business prepares a bank reconciliation statement BRS to explain the causes of differences and to reconcile the two balances. The idea of BRS is to discover the various things that the bank has done in the bank statement which business was not aware of, put right anything that is wrong and draw up a logical explanation of the remaining differences, which are not errors but are delayed by the time lag. A bank statement provides an independent record of exactly those transactions which are entered in the bank column of a cash book. Theoretically, closing balance in the cash book should be the same as the balance in the bank statement on the same date.

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5 Comments

  1. Ben G.

    Cash book balance includes transactions that are not included in the bank balance. Bank statement balance includes transactions that are not included in the cash balance. Deposits in transit and outstanding checks are examples of transactions entered in the cash balance, but not in the bank balance.

    06.04.2021 at 01:15 Reply
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