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The word "Reconciliation" not only belongs to bank statements, its for all kind of comparison works for the statements of accounts related to client, vendor, ledgers etc, its just a work of matching each and every credit/debit transactions with required statement. it will ensure that our entries available in our books also reflect with the Bank/Client/Vendor/Ledgers/Modules/etc statements.if it is not matching then we have to find what kind of missing, whether it is in our books or other's books..
All thes kinds of works called RECONCILIATION....(its quite interesting job like detective works).
Reconciliation statement mean we compare cash book with bank statement.I mean there is a variation due to canceliation of the cheques or outdated chaques or post dated cheques or entries.we record as we deliver any cheque and the the bank will record when the actual date will arrived.At the end of the month or end of the year we copare cach book with bak statement.this a reconciliaton statement.
Reconciliation Statement is a statement which shows the difference between cash book and Bank Pass book. and that variation between the Books is due to either immediate/ late recording in the books or cancelation/not presentation of cheques.
In this Statement we compare both books simultaneously and rectify the difference in one book and correct that with the help of another book.
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