Reconciling Bank Statement Discrepancies

[lara]

Hello all, I have a client whose bank balance and accounting ledger don’t reconcile each month. What are common causes of such discrepancies, and best practices to track and fix them? (E.g. floating cheques, bank charges, status of deposits in transit.

 

[Samuel]

Reconciling bank statements discrepancies involve the detection and correction of the discrepancies between the accounting records of your business and the bank statement. Those are usually caused by the timing difference, errors, or unrecorded transactions. To correct them, check all the transactions, amend the records to include any outstanding check or deposit, and correct errors to improve accurate and balanced financial records.

 

[jasminsain]

Bank statement reconciling involves detecting and resolving the variation between the accounting records of your company and the bank statement. The most frequent reasons are timing, errors, or missing transactions. To correct them, go through all the transactions, modify entries to pending checks or deposits, and correct mistakes to provide accurate and balanced bookkeeping.

 

[danisjohn]

Bank statement discrepancies often arise from timing differences or data entry errors. Regular reconciliations and using automated accounting tools help quickly identify and resolve mismatches.

 

[Jarwish]

Reconciling bank statement discrepancies involves comparing company records with bank statements, identifying differences such as errors, omissions, or timing issues, and making necessary adjustments to ensure accurate financial balances.