How do i tally opening bank accounts

I want to ask if last year my client has not taken bank details in there financials, and in the current year there is an opening balance appearing in the bank statements and the client was operating from that bank accounts in previous as well as in current year.

How to and where to take that opening balance effect of bank account in financials ? how do I adjust that opening balance ?

please also help me in regard to, that in last year financial's bank balance (other than mentioned above) as at last day shows balance which is not matching with bank statements, how to take that effect also?

Replies (5)

Just prepare BRS and show that as Opening Difference.

Dear Mr. Ashish Kalsi...

 

It's very simple...

You will feed the O/B as per Last Year Balance Sheet. If it's matched as per Bank's C/B then You can continue as per bank statements...

 

In case the BS balance and Bank balances are different then You will Reconcile the April month transactions and You get PY payments/Receipts which is cleared in April and You will leave the amounts (You willcheck once the amounts in Your Party details)...

Mr. Raja Sir,

you mean to say, that for bank balance that my client has not taken in previous year financials but the bank balance is appears, with that amount I stand an Outstanding liability??

 

and in the second point I want to ask how I reconcile bank statements when the client had already shows wrong bank balance , while there is no such transaction or amount in bank statement.

What are the Differents from Balance sheet and Bank Statement...?
i.e. cheques received from customers and cheques are issued to service providers or creditors.

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