Bank Reconciliation

The Bank ReconciliationBank reconciliation compares the checking account bank statement ending balances to the general ledger. It takes outstanding checks and deposits in transit into consideration when calculating the book balance. process compares the checking account bank statement ending balances to the general ledger. It takes outstanding checks and deposits in transit into consideration when calculating the book balance.

Bank Reconciliation Fields

Checking Account The checking account you wish to reconcile. Reconciling Period The accounting periodA regular period of time, such as a quarter or year, for which a financial statement is produced. for reconciling this account. This field will default to the previous accounting period. Year The year associated with the account reconciliation. This field will default into the previous year. Bank Balance Enter the bank statement balance of this checking account. Deposits in Transit Select any deposits in transit from list of all uncleared deposits. Outstanding Checks The total amount of checks written from the checking account not cleared by the bank statement up through the selected period.   Book Balance The calculated balance according to the bank balance (Bank Balance + Deposits in Transit = Outstanding Checks) Trial Balance The general ledger account balance for the selected account and period. Out of Balance By The difference between the book balance and the trial balance.

Security Required : Ledger - Bank Reconciliation