Bank Reconciliation Statement Format

After knowing the basic purpose of this you have to be very clear about bank reconciliation statement format, it is also important to know that what basically it includes. The main purpose is to justify the current situation of business’s financial record at bank and internal account books. As there are possible mismatch, below here are the reasons listed which can cause this variance of accounts;

  • Deposit in Transit

At times, businesses might debit or credit some amount in their records where as the might be in transit due to slow processing and online procedural delays. So resultantly the bank statement issued on a particular date might not contain that particular entry.

  • Checks Outstanding

There might be some checks which are credited from business records but the concerned person hasn’t been presented them in the bank till date of issuance of bank statement.

  • Banking Service Charges

While creating records, business might not include bank services charges in the deduction of amounts and processing of various transactions.

Bank Reconciliation Statement Template

  • Non Sufficient Fund Checks

Some of the checks issued by business are credited whereas bank doesn’t entertain them due to non sufficient funds in the business account.

  • Wrong Entries

Sometimes either side of data maintenance can suffer wrong entries thus miscalculated sum of amount. Its correction illustration is also important for reconciliation.

Add a Comment

Your email address will not be published. Required fields are marked *