ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Get bank records. Gather your business records. Find a place to start. Go over your bank deposits and withdrawals. Check the income and expenses in your books. Adjust the bank statements. Adjust the cash balance. Compare the end balances. 30-Sept-2022

Detailed explanation-2: -A bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.

Detailed explanation-3: -Reconciling your bank statements simply means comparing your internal financial records against the records provided to you by your bank. This process is important because it ensures that you can identify any unusual transactions caused by fraud or accounting errors.

Detailed explanation-4: -Compare Balances. Gather your accounting records for the time period covered by the bank statement. Identify Differences. Resolve Any Issues. Adjust Balances. Compare Balances. Book Adjusting Journal Entries. 06-Jun-2022

Detailed explanation-5: -Compare internal cash register to the bank statement. Identify payments recorded in the internal cash register and not in the bank statement (and vice-versa) Confirm that cash receipts and deposits are recorded in the cash register and bank statement. Watch out for bank errors. More items •05-Dec-2022