Question

How do I prepare a bank reconciliation statement?

Answer 1

The following steps can help one to prepare a bank reconciliation statement.

• Identify any uncleared dues.
• Compare both the debit and credit sides of the statement.
• Determine any missing entries.
• Correct the missing entries.
• Analyze the entries.
• Prepare an appropriate BRS.
• Deductions on uncredited cheques and additions to unpresented cheques must be made.
• Ensure all final changes are made.

Also see:

• Types of Bank Reconciliation Statement
• MCQ on Bank Reconciliation Statement