Meaning of Bank Reconciliation Statements

Need help with your homework? Look no further! Our subject experts are ready to effortlessly handle your assignments, so you can finally say goodbye to stress and hello to top grades.

Please enable JavaScript in your browser to complete this form.
Click or drag files to this area to upload. You can upload up to 3 files.
Get a response in under 15 min

The most common and easy procedure nowadays is opting for payment through banks by depositing cheque and cash in it. This is because banks are considered the safest and monetary dealing through it is found to be more convenient. Opening a current account in a bank is fitting for a company where there is no restriction on the number of times of deposits and withdrawals. It is befitting because only a deposit slip or pay in slip is required to deposit drafts, cheques or cash; and with the help of cheques, withdrawals can be made. In this case, using cheques is mandatory.

Every banking transaction in a company is recorded in a cash book under bank column or three columns. But in case of abank, they record transaction details of every customer associated with them in their ledger accounts. If stated in a simplified way, a customer composing his cash book and the bank recording those details have the same transaction records. Therefore it is very important that the displayed bank balance should exactly be same as exhibited in the ledger accounts of bank and cash book of their customer.

Ledger accounts in order to be inaccessible to customers, banks maintain them in utter secrecy.  What they do is create a resemblance of the ledger accounts where customers can see records of their banking transactions. This supplied copy by a bank is known as account statement of a customer or pass book in the general term. It helps the customers to know and analogize the entries with the column cash book of the bank and verify their bank balance and the records of it.

If stating in a theoretical term, the apt scenario between a bank and a company regarding cash book prepared by the former and maintained by the latter should have similar bank balance records of the transactions. But when it is analyzed practically, this theoretical aspect is completely different from real scenario. The pass book and cash book have dissimilar records of bank balance.

Due to this difference in balance records, the responsible factors for this difference are asked to banks by companies. The bank then creates a statement to highlight the differences which are known as bank reconciliation statements.

Defining Bank Reconciliation Statements

As stated earlier, bank reconciliation statements are created by banks in order to find the variation of balance records in pass book and cash book and harmonize its differences between both displayed balances.

In case of pass book or a customer statement of their individual account, the bank creates it and sends it directly to their customer of its information. But when it is about cash book, it is kept and maintained by the company itself. This states that both the balance books are with the bank’s customers which they can see, analyze and check with their own maintained records.

At frequent intervals, a company composes bank reconciliation statements. An essential and foremost part of composing bank reconciliation statement is transaction recognition which results in the variation of balances between pass book and cash book. The statements can be created according to their number of transactions taking place in the company. The frequency of statement preparation can be of every month or week or even it could be daily.

Links of Previous Main Topic:-

Links of Next Book-Keeping Topics:-

Homework Blues?

Get expert help with homework for all subjects.

  • NPlagiarism-free work
  • NHonest Pricing
  • NMoney-back guarantee

Latest Reviews

Solved Sample Works

Accounting Homework

Corporate Accounting Sample

Biology Homework

Genetics Assignment Sample

Essay Writing Help

Business Plan Sample

Homework Help FAQs

Our Answers to Your Questions

How do I submit my homework?

Getting homework help is very simple with us. Students can either send us the homework via email or they can upload it to our online form here. For a quicker response, You can also chat with us at WhatsApp and submit homework directly. You are sure to get a response from our side within 10 minutes.

How much will my homework cost?

The cost of paying someone to do your homework varies depending on the service and the type of assignment. We have listed our standard pricing plans for popularly used writing services. For other kind of assignments, You can get a free instant quote from us using our online form.

We also accept partial payment to start working on your assignment help. You can pay the remaining amount when your task gets completed. No pressure of up-front payment. No hidden order costs.

Can I receive help with my homework anytime?

Yes, you can receive help with your homework anytime with us. Our online homework help services are available 24/7, allowing you to receive assistance with your homework anytime, anywhere.

For urgent homework requests, reach out to us through our LiveChat or WhatsApp channels and one of our friendly support agents will assist you in finding the right expert for your online homework help request immediately. With our services, you can rely on 24/7 availability and meeting deadlines.

Are online homework websites budget-friendly for students like me?

Yes, Our Online Homework Help websites are an affordable solution for you as a student. Compared to traditional tutoring services, MyHomeworkHelp prices their homework help services honestly and within the budget of college students. This makes it easier for you to receive assistance with your homework without breaking the bank.

What is your plagiarism-free policy?

At myhomeworkhelp, we take plagiarism very seriously and ensure that all solutions provided by our tutors are original and authentic. Our tutors are trained to provide custom-made solutions, tailored specifically to meet the requirements of each student. We do not provide pre-written papers. All our homeswork solutions are made from scratch, guaranteeing 100% orignal homework answers.

Additionally, we have strict plagiarism-detection tools in place to check all submissions for authenticity.

Is using an Online Homework Help Service cheating?

Using online homework help services is not equivalent to cheating. Our services are intended to support students with their homework and provide them with the resources they need to succeed academically. With the help of our online homework help services, students can receive immediate assistance with their homework from any location, at any time.

At myhomeworkhelp, we are committed to promoting academic integrity. Our tutors provide solutions that serve as guides for drafting your own work. It is not acceptable to submit someone else's work as your own, as this constitutes academic plagiarism.

Can I chat with my tutor?

Using our secure chat board, you can now chat directly with your assigned tutor. The chats are encrypted both ways to secure your privacy. This makes your contact with the tutor directly & confidentially, so you can better explain any requirements or changes if needed or just need updates.

You can't contact the experts outside of chat board platform. Sharing any personal information, including but not limited to contact information, goes against our Terms and Conditions and therefore may result in permanently blocking you from the platform. We take any personal data very seriously and we do it for the safety of our users.

Know more about chat board here.

What is your money-back guarantee policy?

It’s worth noting that our online homework help service rarely leads to disappointment among students. Our expert tutors, along with our support and quality assurance team, are dedicated to providing the best possible experience for our customers. However, if for any reason a student is unsatisfied with their homework help solution, we offer unlimited revisions until they are fully satisfied.

In the rare event that a student remains unsatisfied even after revisions, we offer a money-back guarantee. We want all of our students to feel confident and secure when they turn to us for assistance with their homework, and this guarantee is just one way that we demonstrate our commitment to providing the best possible service. If you have any concerns about our services or the quality of the work you receive, please contact us for support.

What is the expertise of the tutor assigned to do my homework?

At myhomeworkhelp, we take pride in our team of qualified and experienced tutors. All of our tutors undergo a rigorous selection process and are required to have a minimum of a master's degree in their respective fields. Additionally, they must pass a series of tests to demonstrate their proficiency and ability to deliver quality work. We believe in transparency and providing our clients with the best possible service. You can be confident in the expertise of the tutor assigned to do your homework.

What about privacy & confidentiality?

Using My Homework Help is absolutely safe. We care about your security, therefore we encrypt all personal data to make every user feel safe while using our services and we don’t share any personal information with any third parties without your permission. Your credit card information is not stored anywhere at My Homework Help, and use of PayPal relies on their secure payment networks. Your identity, payment and homework are in safe hands. You can always be certain of getting professional help and remaining anonymous, while using My Homework Help.