Your cash book says one number, the bank says another, and both are right. A bank reconciliation statement explains the gap. Here is how to prepare one, step by step.
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A statement explaining the difference between the cash book balance and the bank statement balance on a given date, by listing the items recorded in one but not yet the other.
Usually timing: cheques issued but not presented, deposits not yet credited, and bank charges or interest not yet recorded in the books. Errors on either side are a less common cause.
Monthly is standard practice. Businesses with high transaction volumes often reconcile weekly.
Check for transposed digits (a difference divisible by 9), entries posted on the wrong side (a difference exactly double an entry), duplicates, and entries from the wrong period, before suspecting a bank error.
Software matches most entries automatically, but it cannot judge what an unmatched item means or which side is wrong. That decision remains the accountant’s.
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