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Accounts knowledge

GANESH KUMAR KASHYAP (Private Job) (206 Points)

07 August 2015

DEAR SIR/MADAM

IS IT POSSSIBLE TO MAKE BANK RECONCILATION BRANCH WISE? HOW TO MAINTAIN TEN BRANCHES IN ONE COMPANY(H.O.) AGAINST INCOME & EXPENSES? EXPLAIN WITH EXAMPLE

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3316 Points)
Replied 09 August 2015

When the company receives its bank statement branch wise , the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company's branch Cash account in its general ledger and vice versa. This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, bank reconciliation, or doing a "bank rec." The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company's books) is consistent with the amount of cash shown in the bank's records.