Bank reconsolidation example
These days, most people are familiar with the concept of bank reconciliation and they utilize it both in their personal and work lives
. In most cases, there is always a difference between the balance on your bank statement and what you have in your records. What do you call these items? These items usually make up the bank reconsolidation example, and need to be explained properly, especially for company accounts. Major forms bank reconsolidation example are broadly classified either as book reconciling items or bank reconciling items as shown below:
Book reconciling items:
Credit and debit memos
Book errors, that is, errors originating from account owner.
Bank reconciling items:
Deposits in transit
Outstanding or un-presented check
Errors from bank
EXPLANATION OF EXAMPLES
The most common examples known to most people fall under the sphere of bank reconciling items and then, debit memos. Debit memos refer to the deductions that have been charged to an account and yet to be recorded by the account owner, mostly charges on transactions carried out by third parties on the checking account.
In relation to the bank reconciling items, deposits in transit are cash and check deposits already recognized by the account owner, but yet to be cleared or reflected in the bank statement. This could also be as a result of cut-off. For instance, if the cut-off period is usually the 30th of every month, a check deposited the day before will most likely not reflect in the statement for that month.
Another common form of reconciling items are un-presented checks, that have being issued out and recognized by the account owner, but yet to be drawn from the bank. Also, the check might be presented but rejected for some reason or affected by cut-off time.
Errors can occur from both parties, so they have to be properly analyzed and treated. After all these, it is expected that all reconciling items would have been covered. Any outstanding differences would need to be investigated.
Bank reconsolidation example
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