Every business organization prepares its ledger accounts. They prepare Cash Account which gives the details of the transactions done in the business. Every bank transaction done is entered into the books in cash account. At the same time the banks also issue a passbook on which they put the transactions realized. Thus, at times the balance as per the pass book of the bank and as per the cash account in the books of the firm may not match. This originates the need of a statement which can find the differences between both of them.
In short, a Bank Reconciliation Statement means the statement that finds the differences between the balance as per cash account and the pass book and match them accordingly.
Any of the approaches could be followed to bring the balances all together at the same point. This helps in finding if there is any error in the recording of the transactions. The accounts are matched thoroughly and any discrepancies between the bank and organization are resolved.
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Method to prepare Bank Reconciliation Statement using Balance as per Cash Book as basis:
Method to prepare Band Reconciliation Statement using Balance as per Pass Book:
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