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Bank Reconciliation Statement

Bank Reconciliation Statement

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Published by Samuel Dwumfour

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Published by: Samuel Dwumfour on Jul 18, 2010
Copyright:Attribution Non-commercial

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11/22/2012

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BANK RECONCILIATIONSTATEMENT
Bank Statement: This is a statement of accountof a customer, sent by the bank, indicatingdeposits withdrawals and balances after eachtransactions.BANK RECONCILIATION STATEMENT:This is a statement prepared periodically to verifyand reconcile a customer¶s cash book balancewith the bank balance as shown on the bankstatement. This is to check whether the twobalances agree or not.
 
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 ARING BANKRECONCILIATION
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repare an adjusted or revised cashbook, by taking intoaccount, items appearing in the bank statement but notin the cashbook. Examples of such items are:Dishonored cheques.Bank ChargesStanding ordeCredit TransfeErrors of under cast or overcastDividend received directly through the bankBanking overstated
 
Reasons why the cash bookbalances and Bank statement maydisagree
Dishourned Cheques: A cheque is dishourned when a bank fails to effect paymentReasons For Dishonoring a Cheque: A Cheque may be dishonored for any of the following reasons: A figure and words of amount written differ Insufficient funds in the accountIrregularity in signature from the specimen signatureUninvited alterationNo date or incomplete dateWhen a cheque becomes staleWhen a customer stops a cheques A post dated cheques is presented before maturity dateWhen the cheques is mutilated.

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