Question

Present a sample of bank sheet mentioning the procedure for preparation of bank match sheet?

Answer 1

Explanation:

Businesses maintain a cash book to record various transactions. Also as a record to cross-check bank statement. The process of comparing both the records is Reconciliation. It checks the errors and states them in BRS (Bank Reconciliation Statement). In addition, reconciliation takes place every month to maintain the balance between the two records. Moreover, reconciliation brings out the potential difference that profit a firm when ruled out. There are many things that come up in a firm’s cash record which needs mending.Bank Reconciliation Statement is as necessary as a bank statement for a cash account. It records necessary changes mandatory to declare the bank statement and cash book records error-free and hence, required. Moreover, some random errors like noting wrong entries to the data, etc. might not be replaced.

Preparation of Bank Reconciliation Statement

Answer 2

Answer: Here is an example of what a bank match sheet (or "bank reconciliation statement") might look like:

Firstly, a Bank Match Sheet or (Bank Reconciliation Statement) is a document that is used to match the transactions and balances listed on a company's bank statement with the corresponding information in its internal accounting records. The purpose of the bank match sheet is to ensure that the company's records accurately reflect its true financial position, and to identify and resolve any discrepancies between the two sets of records.

Explanation:

BANK RECONCILIATION STATEMENT

Prepared by: [Name of Preparer]

Period: [Start Date] - [End Date]

Instructions:

1. Start by comparing the ending balance from your bank statement with the ending balance in your checkbook register.
2. Make a list of any transactions that are on the bank statement but not in your checkbook register. These are typically deposits that have not yet been recorded or checks that have not yet cleared.
3. Make a list of any transactions that are in your checkbook register but not on the bank statement. These are typically checks that have been written but not yet processed by the bank.
4. Update your checkbook register to reflect any discrepancies.
5. Add up all of the outstanding checks and any other transactions that are in your checkbook register but not on the bank statement.
6. Subtract any service charges or other fees that are listed on the bank statement but not in your checkbook register.
7. The final adjusted balance in your checkbook register should match the final adjusted balance on your bank statement.

Bank Statement:

Ending balance as of [Date]: $[Amount]

Checkbook Register:

Ending balance as of [Date]: $[Amount]

Discrepancies:

Deposits not yet recorded: $[Amount]

Checks not yet cleared: $[Amount]

Outstanding checks: $[Amount]

Service charges: $[Amount]

Adjusted balances:

Checkbook register: $[Amount]

Bank statement: $[Amount]

This is just an example, the bank might provide different format or require more information. But the idea is to have a simple sheet where to compare transactions and balances between the bank statement and the in-house records.

It's also important to note that this process should be done regularly, as in every month. This way can help you spot discrepancies early and take action to correct them.

Keywords: Checkbook, Discrepancies