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Important Notes and Explanations Regarding Preparation

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1.

For composing bank reconciliation statement, its date is considered extremely crucial. If you have fixed a certain date like 31stMarch 2016 as your statement composing date, you will be recording all transaction details in your cash book. Until that date, banks will also enter your transaction records in your pass book.

In spite of correctly entered transaction records in both books by March 31st, 2016, it will not be recorded in that statement. This is because there will be an increase or decrease in any of the books with a similar amount.

2.

Suppose you have deposited cheques worth $5000 into your bank. Now you bank clears cheques of only $3500. You find that portion of amount cleared by the date of statement preparation. Or let us take another example of cheques worth $4000 which you deposited in your respective bank on July 2015. But by June 2016, your bank collects only a certain portion of your money, say, $2500.

In another instance, you are depositing cheques worth $3000 out of which your bank does not clear $1000. Or there also may be a situation where you are depositing $2500 as cheque, and out of it, your bank finally collects the last portion of the cheque amount, say $500, on 31st July.

Although the examples provided here are different but the meaning regarding these transaction remains the same. In all these cases, the balance value recorded in cash book will be different from the balance value recorded in pass book.In order to create the statement, you will be required to add items to your pass book and subtract items from cash book so that the balances of both books come to near equivalence.

3.

When you deposit cheques in your bank, that balance is displayed debited in your cash book. Or when your bank clears your deposited cheque, the amount gets credited in their customer ledger and in your pass book.

Both instances stated here have a similar meaning. The first instance states about cheque deposition which is done after collecting it from other parties.You debit your bank account when you deposit those cheques. In this case, your bank becomes a receiver and the amount collected by them becomes an increased asset.A debit in your bank account showcased in your cash book is a clear indication of your increased bank balance.

After the amount of that cheque is collected by bank, they will credit that amount to your account, and its record will be made into the ledger and your pass book. So, according to your pass book, there will be an increase in your bank balance. If the procedure completes in proper order, the balance value will be similar to credited amount in pass book and debited amount in cash book.

4.

Statement of account or pass book is both one and same term. In case of traditional use, the term pass book is used. But there are many industries that use the term statement of account as a substitute.

Based on the number of transactions taking place between companies and bank, currently,majority of them are sending their present current account holders statement of accounts. These statements are sent in place of a single pass book either on monthly, weekly or on a daily basis.

5.

If you take consideration regarding pass book, your debiting account which is recorded and maintained by the bank in their ledger states a reduction in your bank balance.In the same way according to your pass book, your crediting account retained by bank expresses a hike in your bank balance.

A hike in your bank balance can be showcased by your cash book through your debiting bank account. In the same way, a reduction in bank balance means crediting in bank account according to cash book.

7.

Bank receives cheques and makes payment against it, or the cheque amount is debited into pass book by bank. Cheques are drawn or issued to a bank or to be stated as credited in cash book.

Both of these have a similar meaning. If taken into consideration, outcome in both these cases will have a reduction in bank balance.In the initial sentence, you can see are duction in bank balance as per pass book. In the next sentence, you can see a decrease in balance as per cash book.

The credit in both the cases is related with bank. Be it issuing acheque in favor of other parties where that amount gets subtracted from your account, or it is the case of amount withdrawal. In other words, we can say that reduction in bank balance according to cash book displays crediting bank account in your books of accounts.

Similarly, when bank pays a certain amount to other parties directly on the instruction of a company, they debit that amount from that firm’s account. This debit from customer account means a reduction in balance according to pass book. So, on final assumption, it can be stated that any amount debited in cash book is added in customer’s ledger account by bank. This record is entered into customer pass book if it is maintained as per proper procedure.

8.

At a certain accounting year say July 2016, few cheques were issued whose total value was $2000. Out of that, it was found out that $500 was less in customer’s account at the time of payment. Or in another instance out of that $2000, only $500 was present in the account for payment on 1st June 2017. In a third instance, it was seen that out of $2000, customer’s pass book depicted only $1500 as debited amount.

On careful comparison, you can find out that all the three instances are similar in nature. In all of these instances, cash book displayed balance reduction by $2000. But if you see the cash book the reduction in amount is by $500. The balance in pass book will be $500 more than cash book.

Therefore, when you prepare bank reconciliation statement with the help of cash book balance, you will be required to add $500 to it. And if you are composing that statement with balance information of pass book, then you have to subtract $500 from it. Either of these steps is used to balance the records of pass book and cash book which is helpful in composing bank reconciliation statement to reverse book’s level.

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