Bank Reconciliation Statement is a record book of the transactions of a bank account. This statement helps the account holders to check and keep track of their funds and update the transaction record that they have made. Bank Reconciliation statement is also known as bank passbook. The balance mentioned in the bank passbook of the statement must tally with the balance mentioned in the cash book. In the statement, all the deposit will be shown in the credit column and withdrawals will be shown in the debit column. This process is important because it ensures that you can identify any unusual transactions caused by fraud or accounting errors. The bank reconciliation statement is helpful in the case of an audit as well. Bank reconciliations need to be done regularly to identify discrepancies before they become problems. Let us get further insight into this topic with the Presentation.

Vikrant Ojha

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