Register now or log in to join your professional community.
Bank reconciliation refers to presentation of the reason for the difference's in the bank statement and the company's own accounting books.
The process has two steps.
1: Adjusting the balance as per the bank statement (Adding any transactions which are in transit, and deducting outstanding checks.
2: Adjusting the balance as per the company Books (Deducting service charges, Adding interest and collections made by the bank.
3: Both Balance should be equal.
4: Preparing Journal Entries.
Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.