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Bank closing balance
will it be there any difference in opening balance between Bank statement and financial statements as on 31st March
Replies (14)
Quick Summary
1st April is th opening balances
Transactions occurs and every account is debited or credited
31 March is the closing final balance
Yes, Due to reconciliation there might be different balance as per Bank Statement and Financial Statement.
Which one should i consider for opening balance purpose?
If it is bank reconciliation, reconsiliation can be done based on the cash book or pass book.
If cheques are then only there can be a difference
Should be taken on year ended asper your software.
Bank balance as per ledger or balance sheet should be considered. The difference due to " Cheques issued but not cleared or Cheques deposited but not cleared " will be part of BRS
Same thing I had told her in first query and reply , you have to take balance as per books ( Financial statement ) , to carry forward next year not as per bank statement .
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Accordingly there is always a small difference due to discrepencies in book keeping. The audit thrshold of 3% saves everyone in the company with errors. BRS is the easiest and tracking invoices the the next big challange.
But only cheques make difference
| Originally posted by : shwetha bhat | ||
 |
Which one should i consider for opening balance purpose? |  |
Consider balance as per books of accounts only.
| Originally posted by : shwetha bhat | ||
|
Which one should i consider for opening balance purpose? | |
Consider balance as per books of accounts only.
Ledger Balance / Balance sheet figures can be taken
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