Bank Reconciliation Statement Explained | FULL EXAMPLE
In this accounting lesson, we go through the Bank Reconciliation Statement. We explain what the Bank Reconciliation is, why we do it, the reasons for the differences between the Bank Statement and the Bank account in the business' books, and what to do with outstanding cheques and outstanding cheques from last month's bank reconciliation statement that did not appear in this month's bank statement.
We also go through a thorough example on how to complete the Cash Receipts Journal (CRJ), the Cash Payments Journal (CPJ), the bank account in the general ledger and how to close it off, and how to complete the Bank Reconciliation Statement.
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