What is bank reconciliation statement? and why is it prepared? Bank Reconciliation Statement Meaning A bank reconciliation statement is a book that keeps track of a bank account's transactions. This statement assists account holders in checking and tracking their funds as well as updating their transaction records. The bank reconciliation statement, also known as the bank passbook, is a document that shows how much money has been transferred from one account to another. The balance in the bank passbook of the statement must be the same as the balance in the cash book. All deposits will appear in the credit column on the statement, while withdrawals will appear in the debit column. However, if the withdrawal exceeds the deposit, the account will be debited (overdraft). Why it is Prepared It‘s not compulsory to prepare a BRS and there’s no fixed date for preparing BRS. BRS is prepared on a periodical basis for checking that bank-related transactions are recorded properly in the cas...
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