bank reconciliation is required in two cases
1) due to timing differences
2) due to error in entries
my question is...
is bank reconciliation still required in case of timing differences?? bcoz in digital era like paytm, Google pay, net banking, etc we can be informed instantly about receipt and payment...so there is no timing difference between passbook and cash book...
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Bank reconciliation in case of timing differences
Replies (7)
If the accounts tally, there need not be requirement of any conciliation.
But for any physical instrument (& not digital), it is still required...
Yes...got it...thank you...
There should be reconciliation even for timing difference.
If you get money by GPay on Sunday or Second Saturday, you may account on the same date but in bank it will display on next working day .
Take proper care during month end Sunday & holidays to avoid the timing difference
If you get money by GPay on Sunday or Second Saturday, you may account on the same date but in bank it will display on next working day .
Take proper care during month end Sunday & holidays to avoid the timing difference
Yeah...it is possible....
Technical errors in entries related to accounting software have to be rectified from software developer.
You may just note those differences & close the accounts and generate the reports
You may just note those differences & close the accounts and generate the reports
Yeah...at that time, reconciliation is required when there is a technical error and software updation process...like now a days , Bank of India in gujarat passes from this software updation issue...
Yeah..There can be practical issues those differences should also be noted in Bank reconciliation statement to avoid issues in future
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