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A cash book chronologically records a company's cash and bank transactions, both incoming and outgoing.",[],{"_key":1198,"_type":170,"children":1199,"markDefs":1204,"style":190},"k11",[1200],{"_key":1201,"_type":174,"marks":1202,"text":1203},"k10",[],"Most businesses reconcile accounts every month, although companies dealing with high-volume transactions may perform a weekly or even daily reconciliation.",[],{"_key":1206,"_type":170,"children":1207,"markDefs":1212,"style":190},"k15",[1208],{"_key":1209,"_type":174,"marks":1210,"text":1211},"k14",[],"During a bank reconciliation, businesses look for variations between their cash book and bank statement and determine the reasons behind them, such as data-entry errors or transactions that have not yet been recorded in one set of documents. 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In addition, bank reconciliation statements provide a clear audit trail, enabling companies to support their financial disclosures with confidence.",[],{"_key":1351,"_type":170,"children":1352,"markDefs":1357,"style":1188},"k87",[1353],{"_key":1354,"_type":174,"marks":1355,"text":1356},"k86",[1185],"How discrepancies arise in bank reconciliation",[],{"_key":1359,"_type":170,"children":1360,"markDefs":1365,"style":190},"k91",[1361],{"_key":1362,"_type":174,"marks":1363,"text":1364},"k90",[],"A company’s cash book balance rarely matches its bank statement balance. There are various reasons for this, such as:",[],{"_key":1367,"_type":170,"children":1368,"level":1373,"listItem":1374,"markDefs":1375,"style":190},"k95",[1369],{"_key":1370,"_type":174,"marks":1371,"text":1372},"k94",[],"Deposits in transit, pending electronic transfers, and outstanding cheques that might reflect on one set of records but not on the other",1,"bullet",[],{"_key":1377,"_type":170,"children":1378,"level":1373,"listItem":1374,"markDefs":1383,"style":190},"k99",[1379],{"_key":1380,"_type":174,"marks":1381,"text":1382},"k98",[],"Bank adjustments such as service fees and other charges as well as interest earned, which are not documented in the company's internal records before reconciliation",[],{"_key":1385,"_type":170,"children":1386,"level":1373,"listItem":1374,"markDefs":1391,"style":190},"k103",[1387],{"_key":1388,"_type":174,"marks":1389,"text":1390},"k102",[],"Exchange rate fluctuations and foreign currency conversion fees",[],{"_key":1393,"_type":170,"children":1394,"level":1373,"listItem":1374,"markDefs":1399,"style":190},"k107",[1395],{"_key":1396,"_type":174,"marks":1397,"text":1398},"k106",[],"Errors caused by typos, missing transactions, duplicate entries, incorrect cash balances, etc",[],{"_key":1401,"_type":170,"children":1402,"markDefs":1407,"style":1188},"k111",[1403],{"_key":1404,"_type":174,"marks":1405,"text":1406},"k110",[1185],"How to prepare a bank reconciliation statement",[],{"_key":1409,"_type":170,"children":1410,"markDefs":1415,"style":190},"k115",[1411],{"_key":1412,"_type":174,"marks":1413,"text":1414},"k114",[],"The process of performing a bank reconciliation and preparing a bank reconciliation statement starts with comparing the opening balances on your cash book and bank statement, making sure both documents are for the same accounting period. After noting down the opening balances, the next step is to match transactions. The idea is to ensure that a transaction appears on both the internal record and external document. This is the stage at which businesses usually catch errors and discrepancies.",[],{"_key":1417,"_type":170,"children":1418,"markDefs":1423,"style":190},"k119",[1419],{"_key":1420,"_type":174,"marks":1421,"text":1422},"k118",[],"This is followed by the adjustment stage. Both balances are adjusted to account for transactions that appear in one record but not the other. For example, deposits in transit are added to the bank balance to align it with the company's accounting records. Or, bank service fees that appear on the bank statement but have not yet been recorded internally are added to the company's accounting records. 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