What is bank reconcillation in accounting?

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What is bank reconcillation in accounting?

jannie

making sure everything that was debited or credited is accounted for and there is a debit or credit to offset it

tnkumar1

Always the accounts books of the company/individual and the bank account book do not tally due to certain charges debited/credited directly by the bank in the holder's account. Hence, it is necessary to tally the books with that of the banks account and this is called bank reconciliation.

lara23

It is the process of adjusting an account balance reported by a bank to reflect transactions that have occurred since the reporting date.

coolbuddy

it is a statement by which the person identify the difference in Bank account in his accounts & account with bank & identify the reason for that.

MoFoDuDe

it's what you do monthly to balance your account called 'bank' against the actual monthly bank statement. it's used to record any charges or earnings from your bank and to show cheques that are cleared and uncleared

Black T

It is a reconciliation of the information in the bank ledger (per company record) versus the information in the bank statement (per bank record).

silverline

it is the process of bringing together in agreement the balances of your cash according to your ( or your company's) record and according to the bank statement. for cash already received by the company but yet recorded by the bank, it's called deposit in transit. it will appear as a deposit in next month's bank statement. for cash already disbursed by company but not yet recorded by the bank, it's called outstanding check and will be debited by the bank in the following month's statement. also, there are cash receipts credited by the bank and cash disbursements already debited by bank but are not reflected in your records. so all of these will be adjusted to arriv at the correct & true amount of cash.

mrssainsarg

It is verifying the credits and debits on a statement.

a6ch

As the word says it's related to reconcillation Bank Statement. Reconcilliation means checking and updation of all the money credited (inwards/income) & Debited (Outwards/expenses). for e.g you recieved chq for salary 7500/- on 25/5/2006 , then you deposited 7500/-chq on 26/05/2006 in you bank. That does not means that you rvc the money in your account, yo have cheque that on what exact date the chq cleared in your bank i.e 7500/- cleared on 30/5/2006. Those checking is called recocillations. if that checking is done in bank staments then it is called bank reconcillations.

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