Bank Reconciliation Homework Help
A process to ensure that all the banks records like balance sheet, general ledger account are correct is known as Bank Reconciliation. It is the process of matching Bank's final balance with that of the recorded amount. Once a difference is seen the final account records are adjusted accordingly. Banks make a notion about the balance and check account and balance per bank statement. Balance on the statement of a bank can be different from the actual amount available in the bank. This might be due to outstanding checks or the money which was deposited later than as defined on paper. Also there can be a situation where the amount can be in transit as the promissory note to receive the amount has been received but the actual amount is still pending. Bank reconciliation ensure that all the money deposited in the bank should be recorded at that particular instant. It should also include the adjusted amount or the settlement amount. Also in general the service charge and the bank maintenance charges are also included in Bank Reconciliation.
Bank Reconciliation is usually recorded using a Bank Reconciliation form. This is a simple form consisting of usual adjustments and general ledger balance. The form has the column for journal entries which are important for reconciliation. The process is done for the entire bank and for the individual accounts.
The process of reconciliation should be done efficiently and on a regular basis in order to ensure that the final debt does not goes unrecorded after the end of an financial year. The process also helps in fraud detection and also collection of overdraft fees or the check bounce fine.
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