Accounting-Bank Reconciliations

Accounting-Bank Reconciliations

What are possible reasons for a difference between an organization’s accounting records compared with the supplied bank statement? What are examples of an over and under statement of accounting records when comparing the bank statement? Why must an organization adjust its entries if there is no accounting error present? Explain your answer.

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Bank reconciliation is referred as the process that normally explains the difference that exists between the bank balances. This is shown in the bank statement of the organization as supplied by the bank, as well as the corresponding amount that is shown in the accounting records of the organization at a specific point in time. The differences can occur if   a list of cheques that are issued by the business has not been presented to the bank. Also, if bank transactions like credit received or the charges that are…

APA

207 words

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