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what is the accounting term of bank reconcilation? explain
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Answer / ramya
A company's general ledger account Cash contains a record
of the transactions (checks written, receipts from
customers, etc.) that involve its checking account. The
bank also creates a record of the company's checking
account when it processes the company's checks, deposits,
service charges, and other items. Soon after each month
ends the bank usually mails a bank statement to the
company. The bank statement lists the activity in the bank
account during the recent month as well as the balance in
the bank account.
When the company receives its bank statement, the company
should verify that the amounts on the bank statement are
consistent or compatible with the amounts in the company's
Cash account in its general ledger and vice versa. This
process of confirming the amounts is referred to as
reconciling the bank statement, bank statement
reconciliation or bank reconciliation.
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / d.kavitha
As per accounting term when the company/firm get the
difference between cash book bank balance & bank book
passbook balance then on that time reconciliation statement
will be prepared .
Or
simply we can say when we get the difference between as per
bank balance & in cash book particular bank coloum
balance, to reconciliation the balance difference statement
will be prepared.
| Is This Answer Correct ? | 5 Yes | 0 No |
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