Bank Reconciliation Statements
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4 Terms
1
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Bank rec statements agree
the balance in the cash book to the balance on the bank statement
2
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The balances will often be different and the reasons for this can include:
Transactions only in the cash book
Transactions only on the bank statement
Transactions showing a different amount due to an error by the business in the cash book
Transactions showing a different amount due to an error on the bank statements
3
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Timing differences
These may be due to:
Unpresented cheques
Outstanding lodgements
4
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How to prepare the bank reconciliation (steps)
Tick off
Update the cash book
Prepare the bank reconciliation statement
Note 
Flashcards (23)