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Bank reconciliation preparation involves comparing transaction found in both bank statement and cash book, analyzing them, using the analyses to reconcile the difference.
During reconciliation big amounts can be easily identified/ reconciled. The complication comes when there is difference of fractions maily due to posting errors, exchange fluctuations during Foreign Transfer etc.
The complications arises when we dont have an accurate data available.If the entered data is accurate bank reconciliation is an easy process.We can find the over all mistakes happened in the books of accounts through bank reconciliation.Mainly it can eliminate doubling entries and will help us to provide a perfect financial statment to the Managment.
Reconciliation is an accounting process that uses two sets of records to ensure figures are accurate and in agreement.The main problems arises when you have one to many and many to one knockouts plus they dont have matching primary keys (identifiers). Here where the main recon works come via verification and cordination. Therefore, correspondence and feedbacks on matching and unmatching is very necessary with stakehoders.
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