Interested to Buy Any Domain ? << Click Here >> for more details...
Is there any significance between Bank Reconciliation and
Account Reconciliation in Accounts?
- 2 Answers
- 6414 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
I think the question is about significance of Bank
Reconciliation & Accounts Reconciliation (Receivable A/cs &
Payable A/cs).
Purpose of Bank Reconciliation is to ensure that all bank
transactions are accounted in the books & no wrong or
unrelated transaction is entered either in the bank or in
the books of the company. In other words it's the periodical
exercise to ensure correctness of transaction entries at the
end of the company & the concerned bank.
To ensure all transactions are entered properly in the books
of the Company as well as that of the Debtors or the
Creditors, it's necessary to reconcile the accounts with
that of the Debtors & Creditors. In case any transaction is
not entered at the other end, to take necessary action to
have it rectified & ensure agreement on both sides as to the
balance at the end of any accounting period.
Both above are significant from the view point of preparing
and presenting True & Fair view of the P&L A/c for
accounting period and Balance at the end of that accounting
period. Both are meant to reconcile balances as per the
Accounts maintained by the company & the other related aprty
9Bank, Debtor or Creditor)
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
MEANING OF RED HERRITING
How i should sellone the mobile phone when interviewer will ask sell this phone to me?
what is the right process for input credit of Service tax. and on which service i can take credit.
What are the major components of country's trade account?
What is consignment cycle.?Explain the steps involved in the Consignmet..?
Why TDS not Deducted on Service tax amount of Rent.
on 02/05/2013 issued a cheque to third eye ltd of Rs.14000/- in full and final settlement against the due on amount
what are doucement required under registration of properity firm. give the answer breif
What is liabilities and what all does include in current liabilities?
sir, i want t know, i got a cheque frm sindhu (that amount i gave her as rent advance, she is returning nw) bt the cheque has cancled and bank take cheque return charges so plz give this journal entries.
what is apply SI post
I have passed in SBI clerical exam 2009 , pls tell me what question will be asked for interview .pls mail it on my email id sawant.supriya51@gmail.com
sir i am working in construction company.we have more than one projects.i enter the attendance projectwise in payroll.if payroll autofill i want project wise salaries not overall
what is the journal entry can be passed for an opening balance (bank, fixed asset, provisions)to the new software
what is mean by sample account and data transfer rule in SAP FI?
