Before discussing about learning how to explain meaning of bank reconciliation homework answers one needs to know what a bank reconciliation Statement stands for. Here I am going to discuss several such points that one must know in order to learn the same. Bank reconciliation is one of the very important subjects in the finance field and understanding what it really means helps one to solve several questions based on it.
It also imparts knowledge that one must possess to master in the field of accounts and finance. What people need to know most is what bank reconciliation statement stands for and what role it plays in the field of bookkeeping.
What is the meaning of bank reconciliation statement?
The bank reconciliation statement is a summarized version of all the activities related to business and banking that settles an individualâ€™s bank account with the financial records. The bank reconciliation statements usually deal with all the activity that affects an individualâ€™s bank account alongside deposits and withdrawal of cash.
The main purpose of the bank reconciliation statement is that it may be used as a measure to prevent any kind of fraud activities while involving in business with another party.
In accountancy, bank reconciliation statements stand for a statement that basically defines the differences on the specific dates between the balance in the bank according to the organization that has been provided by the bank and that of the respective organizationâ€™s record book. The difference between these two is mainly provided by the bank reconciliation statement.
The next question that arises is that how differences may occur between the two types of statements. There are many reasons for which differences may occur between the two kinds of statements that are discussed above. Here I will state few cases as to why differences may occur.
Detailed explanation of basic concepts:
The following examples may help in understanding why such differences occur.
- Sometimes the organization may issue some check, but they may not be presented to the bank. As a result of this, there will be a mismatch in both the records.
- There might be some mistakes on the side of the bank, or the organization may make some mistake in preparing the statement. Since the statements are all record based there is always a chance of mistake on both the sides. So any side may be a defaulter.
- Sometimes transactions that may have occurred like a banking transaction of receiving credits etc. may not be recorded by the organization. Since this kind of activities takes time, so a minor mistake may arise creating a difference between the two.
Most of the time, it is easy to do the reconciliation of the differences between the two. By comparing the recent transactions that are in the bank records as well as the organizationâ€™s records, one can easily reconcile the differences by checking if the combination shows the differences properly and agrees with the differences.
If this is not the case, then each and every transaction on both the records must be tallied since the last reconciliation that took place. The transactions that do not match are figured out, and adjustments are made to reconcile the differences. The adjustments are usually made with cash, or sometimes the changes are noted down for reconciliation in future.
For this and several other minor reasons, bank reconciliations must be performed very frequently. This will result in minimizing the workload, chances of any kinds of errors. The more the number of errors the more time it takes to reconcile and rectify the errors. Thus it helps in saving a lot of time if the process is practiced a frequent rate.
How to explain the meaning of bank reconciliation homework answers?
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