Accounts Reconciliation Services
Bank Reconciliation Statement
A Bank Reconciliation Statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.
This statement is the most common tool used by organizations for reconciling the balance as per books of company with the bank statement and is made at the end of every month. The main objective of reconciliation is to ascertain if the discrepancy is due to error rather than timing.
Bank Reconciliation Statement process is being outsourced to professional accounting firms by large organizations. This helps them have an accurate view and also ensure that the company's bookkeeping is good. Accounting firms make monthly reconciliation statements for clients and help them determine any discrepancy.
We offer Bank Reconciliation Statement services that are most helpful for organizations that regularly issue great number of checks, make deposits, receive many receipts and find the reconciliation of disbursements to be time consuming. Outsourcing bookkeeping assists global organizations to check the accuracy of Bank Reconciliation Statement details, payments made into account and withdrawals from their account.
The difference between the two records on a given date may arise because of the following
- Cheques drawn but not yet presented to the bank.
- Cheques received but not yet deposited in the bank.
- Interest credited and not recorded in the organization's books.
- Bank charges debited but not recorded in the organization's books.
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