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Bank reconciliation

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Your bank statement details payments made into your account and withdrawals from your account. You might think that the total on your bank statement would equal that in your Bank Analysis Book, but there are several reasons why the two balances differ:

  • cheques have been issued, but are still to be presented,
  • items have been paid into your account, but have not yet appeared on the Bank Statement,
  • interest appears on the Bank Statement but has yet to be entered in the Bank Analysis Book,
  • credit transfers – direct debits, standing orders, bacs – appear on the Bank Statement but have yet to be entered in the Bank Analysis Book,
  • there are errors in your organisation’s book-keeping, or the bank has made a mistake – banks make mistakes too!

The factsheet assumes monthly bank reconciliation and single entry book-keeping. It also assumes a knowledge of basic book-keeping. Note that CASHFACTS uses the term Bank Analysis Book – instead of Cash Analysis Book.

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Last updated: Mon, Mar 31 2008 - 02:20:05 PM

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