A bank reconciliation statement provides information relating to your banking and business activity that reconciles your business organization’s bank account with its financial records. The statement summarizes the deposits, withdrawals, and other activities that have an impact your business’ bank account for a specific period of time. All businesses, whether big or small, take the help of this tool for various reasons. The importances of your bank reconciliation statement for your business are mentioned below.
Identifies Difference Between Bank and Book Balance
With the help of a bank reconciliation format, you can identify the difference between the bank balance and the cash book balance. This is necessary as sometimes the transaction may not be settled in your bank account due to various reasons and your cash book may show a different figure. As a result, there can be a mismatch and this mismatch is easily identified with the help of a bank reconciliation format. Moreover, it helps your accountant to make any necessary adjustments and correction in the books of accounts.
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Identifies Difference Between Bank and Book Balance
With the help of a bank reconciliation format, you can identify the difference between the bank balance and the cash book balance. This is necessary as sometimes the transaction may not be settled in your bank account due to various reasons and your cash book may show a different figure. As a result, there can be a mismatch and this mismatch is easily identified with the help of a bank reconciliation format. Moreover, it helps your accountant to make any necessary adjustments and correction in the books of accounts.
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