Steps for Preparation of Bank Reconciliation Statements Assignment Help

Clear Your Doubts About Steps for Preparation of Bank Reconciliation Statements

Accounting needs depth knowledge to understand the different terms. One of the most important terms is Bank Reconciliation and how to prepare this. Students get assignments to clear their view. However, some problems can be there with you while preparing reports. To overcome your problems, we from 24x7assignmenthelp.com provide the outstanding services of Steps for Preparation of Bank Reconciliation Statements assignment help.

What is reconciliation?

Confirmation or balancing of Company’s cash account with its bank account is known as reconciliation. Many times the company gets updated in its account section, but due to any reason as delay in transit, occurring errors or anything else, the bank statement and cash account in the company does not get any match. A company’s bank statement and accounts, bank statement both must have the same information. The complete cash transaction must be equal for the company as well as in the bank account.

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What are the different steps of Bank Reconciliation?

The various steps are as follows –

  • Collection of the documents for preparation of reconciliation is the prime step. So, take bank statements. Now, check the balance at the beginning of the current month. Then, deposit, withdrawals and other transactions of the money needed to be checked. The register of the company shows all related withdrawals and deposits and withdrawal of a related company. If a bank does not clear it, then you need to point it out.
  • In the very next step you just need to know that those entries which are processed by both sides as in the bank statement or company’s preparation, then you have to point out as cleared. Those records are cleared marked manually or in case you prepare through a computer, then highlight it and mark it as cleared.
  • In this step you need to make a list in which records are available in the form of outstanding deposit as outstanding debit bank, but not in the company’s register.
  • After collecting all outstanding credit and outstanding debit, you need to calculate it in a proper way. Deduction of the debit and the addition of the credit amount must be there.
  • After completing all reports, if data do not match means there can be some errors and this can be anything. It can be transposition of a digit as in case of misplacement of any number like in place of $432, it is the mistake of $423. At that time $9 needs to be deducted to make a proper balance.

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