which opening balance of Bank should appear in books .....bank statement or financial statements?
there is difference in closing balance of Bank as on 31st March of last year between bank statement and books...
while preparing the Financial... amount as per tally has been taken
is it correct?
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Opening bank balance
Replies (1)
Yes, you are correct you have to take Bank balance, as per your Books ( financial statements ), however you have to do Bank reconciliation and find out the difference in your books and Bank statement. There are number of reasons given below for difference.
1) Cheque issued by you but not presented by party in the Bank
2) Cheque Deposited by you but not cleared by the Bank
3) Bank charges debited in Bank statement but not in your books
4) Interest received in Bank but not credited in your books
5) Other reasons
So on and so forth, do the reconciliation after reconciliation your Bank Balances in Books and in Bank statement should Tally .
In Tally prime Gateway Tally / Banking / Bank A/c / Bank reconciliation / press F5 for reconciliation .
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