what is reconciliation
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Answer / rajiv sabharwal
Reconciliation means to tally cash book with bank pass book
so that both balances reflect the same amount i.e. their
balances agree.
Sometimes bank debit and sometimes credit account with
amount which is not in the knowledge of accountant and that
create difference in cash & bank pass book balance.
Sometimes cheques are issued but they are not presented for
collection in the bank, sometimes cheques are deposited but
they are cashed on time. These and few other reasons create
difference in pass and cash book.
To over come from these differences and to tally our
balances we reconcile our cash book with pass book.
| Is This Answer Correct ? | 50 Yes | 3 No |
recosile the accounts :- find out the error inrespect with
the cash book (bank book) we reconsile our books. these
error could be issue of we issue a cheque to a vender 7
many more for this error( we'll debit that vender & credit
our bank a/c) bt still he didn't represnt that cheque in
the bank..so just for the purpose of find out & corecction
(we'll do debit the bank a/c & credit the vender a/c )we
make reconcilation .
| Is This Answer Correct ? | 17 Yes | 7 No |
Answer / rahul jain
Reconciliation: in simple word we can say, comparasion of
any thing whether books,accounts,statement etc & found out
where is difference? what is the reason for this
difference?
In reconcilaition we have to need a base any one statement.
Second statement is to be arranged according to first
statement where is difference & reason for such diffrence
write down under second statement.
| Is This Answer Correct ? | 13 Yes | 3 No |
Answer / chaya.h.g
You should have recorded in your cash books all amounts you
have actually received and payments you ve actually made.
However the cash books may be incomplete as your bank may
have put extra transactions through your account such as:
* bank fees or interest charges
* direct debits (payments) and direct credits (receipts).
Doing a regular bank reconciliation will allow you to:
* take into account any extra transactions your bank puts
through your account and
* check and record any errors or omissions.
By regularly doing a bank reconciliation (say monthly) you
can be more confident that your records contain all the
information you need to prepare your income tax return and
activity statements.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / ashasuresh
Reconciliation is actually the differences between the bank
book and the cash book.
Eg: if Mr A receives a cheque of Rs 10,000/- and debits
this cheque into the bank in his account his cash book
might show an credit balance of Rs.10,000/- but bank might
have taken some time to still make an entry in bank pass
book . any how reconcialation should tally the bank pass
book and cash book amounts
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / hba
we prepare BRS to reconcile our cash book, to find out if
the the bank balance in the pass book agree with the
balance in the cash book or not. some times what happens
bank directly reduce some amount from the company's a/c or
some time client also directly deposited due amount into
company's a/c which is not in the knowladges of accountant,
therefore to reconcile the cash book BRS is prepared.
| Is This Answer Correct ? | 7 Yes | 4 No |
Answer / prince
reconciliation is nothing but balancing the amount. if the
account is not proper or incorrect, then making neccessary
adjustments to reconsile.
| Is This Answer Correct ? | 7 Yes | 7 No |
Answer / rohit kumar
The reviewing and adjusting of the balance in a personal
checkbook to match your bank statement.
| Is This Answer Correct ? | 2 Yes | 3 No |
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