{"id":974,"date":"2023-06-25T15:01:51","date_gmt":"2023-06-25T15:01:51","guid":{"rendered":"https:\/\/mudabicara.com\/en\/?p=974"},"modified":"2023-06-25T15:01:51","modified_gmt":"2023-06-25T15:01:51","slug":"what-is-bank-reconciliation-definition-purpose-and-components","status":"publish","type":"post","link":"https:\/\/mudabicara.com\/en\/what-is-bank-reconciliation-definition-purpose-and-components\/","title":{"rendered":"What is Bank Reconciliation? Definition, Purpose and Components"},"content":{"rendered":"

Bank reconciliation, one of the terms that appears quite often in accounting activities. <\/span>Usually companies that do a lot of this activity.<\/span><\/span><\/p>\n

Generally, every company keeps cash in the company only in small amounts. <\/span>The rest is entrusted to their bank accounts.<\/span><\/span><\/p>\n

By saving in a bank, they hope to be able to control the company’s total cash properly and safely.<\/span><\/span><\/p>\n

Even so, the company still has to have its own records regarding financial flows. <\/span><\/span>This then became one of the reasons for bank reconciliation.<\/span><\/span><\/p>\n

Read Also :\u00a010 Differences in Financial Accounting and Management Accounting<\/a><\/strong><\/span><\/pre>\n
This action is needed by the company to ensure the accuracy of the financial statements for each period, which are usually made using\u00a0 <\/span><\/span>financial report applications.\u00a0<\/span><\/span><\/p>\n
Definition of Bank Reconciliation<\/span><\/span><\/span><\/h2>\n
Bank reconciliation or what is known in English as\u00a0 <\/span><\/span>bank reconciliation<\/span><\/span><\/em> \u00a0is an act of verification to match balances or company records with banking reports.<\/span><\/span><\/p>\n
But it can also be interpreted as a note containing information on cash differences. <\/span>For example, the difference between the bank’s records and the customer’s records.<\/span><\/span><\/p>\n
When the discrepancy is caused by a financial transaction that was missed and not recorded by the bank, it means that the customer’s record is correct.<\/span><\/span><\/p>\n
Meanwhile, if the discrepancy occurs due to records for several other financial items, the records of both parties must be matched.<\/span><\/span><\/p>\n
Bank reconciliation must be carried out and completed within a certain period of time.<\/span><\/span><\/p>\n
When you make regular reconciliations, you can increase the accuracy of the company’s financial statements.<\/span><\/span><\/p>\n
The possibility of manipulation of financial statements can be minimized because they can be immediately identified or found.<\/span><\/span><\/p>\n
Read Also :\u00a0<\/strong><\/span>15 Types of Accounting Profession for Future Careers<\/a><\/strong><\/span><\/pre>\n
Purpose of Bank Reconciliation<\/span><\/span><\/span><\/h2>\n
As it is understood, the primary purpose of a bank reconciliation is to match the company’s financial records with those of the bank.<\/span><\/span><\/p>\n
In addition to matching, this activity also aims to find differences in cash from both parties, to then trace the causes.<\/span><\/span><\/p>\n
In addition to the two objectives above, there are several other bank reconciliation objectives, such as:<\/span><\/span><\/p>\n
    \n
  1. Examine cash suitability to determine whether it has been prepared correctly and thoroughly<\/span><\/span><\/li>\n
  2. Check the overall use of funds, to ensure the amount of funds used is appropriate and does not exceed the specified limit<\/span><\/span><\/li>\n
  3. Ensure there are no errors in the cash recording process. <\/span>If there is an error, it can be corrected immediately<\/span><\/span><\/li>\n
  4. Monitor the management of funds or finances, so that fraud or fraud does not occur in the allocation<\/span><\/span><\/li>\n<\/ol>\n
    Bank Reconciliation Components<\/span><\/span><\/span><\/h2>\n
    To be called a bank reconciliation, it must fulfill its constituent components.<\/span><\/span><\/p>\n
    The components of bank reconciliation include:<\/span><\/span><\/p>\n
    1. Deposits in Process (Deposit In Transit)<\/span><\/span><\/span><\/h3>\n
    Deposits in transit being the first component. <\/span>This means that cash has been received by the company, but the receipt information has not been obtained by the bank.<\/span><\/span><\/p>\n
    When this occurs at the end of the month, it is not included in the deposit to the bank. <\/span>Because the information has not been received by the bank so it has not been recorded.<\/span><\/span><\/p>\n
    These will be the items in the reconciliation.<\/span><\/span><\/p>\n
    Deposits in transit occur when data is received late, the company’s deposit to the bank is delayed, or the company has not actually made a deposit.<\/span><\/span><\/p>\n
    Read Also :\u00a0What is Stock Opname? Definition, Purpose and Benefits<\/a><\/strong><\/span><\/pre>\n
    2. Outstanding Checks<\/span><\/span><\/span><\/h3>\n
    This second component is a check that has been cashed by the company, but has not been cashed.<\/span><\/span><\/p>\n
    As long as the transaction has not been completed, it will not appear on the bank’s records.<\/span><\/span><\/p>\n
    3. Blank Check (Non Sufficient Fund Check)<\/span><\/span><\/span><\/h3>\n
    This last component is usually a check received by the bank from the company, but cannot be cashed. <\/span>Usually due to insufficient company funds.<\/span><\/span><\/p>\n
    In this condition, the bank will still issue a debit note worth the check that cannot be cashed, which is considered dishonest or dishonorable.<\/span><\/span><\/p>\n
    The balance in the company’s account will automatically be reduced. <\/span>In the process, the company will be charged a processing fee for issuing the check.<\/span><\/span><\/p>\n
    Causes of Bank Reconciliation<\/span><\/span><\/span><\/h2>\n
    There are several things that can cause bank reconciliation, apart from the three components above, including:<\/span><\/span><\/p>\n
    1. Bank Income and Expenses<\/span><\/span><\/span><\/h3>\n
    Bank charges can also be a cause of reconciliation.<\/span><\/span><\/p>\n
    Expenses can be in the form of administration fees, check writing, services and other costs that are included in the bank’s burden.<\/span><\/span><\/p>\n
    Bank interest income that has not been included in the company’s records is also part of the bank’s expenses.<\/span><\/span><\/p>\n
    2. Notes Receivable<\/span><\/span><\/span><\/h3>\n
    Notes receivable are client debts based on an agreement as well as collateral as a binder during the loan period.<\/span><\/span><\/p>\n
    Because loan funds are sent through a bank, this transaction can also be a cause of reconciliation.<\/span><\/span><\/p>\n
    Generally, notes receivable are carried out with an agreement period of no more than one year.<\/span><\/span><\/p>\n
    3. Bank Credit<\/span><\/span><\/span><\/h3>\n
    Reconciliation can also be caused by bank credit. <\/span>The credit in question can be in the form of deposits or billing from the bank.<\/span><\/span><\/p>\n
    This transaction can only be identified when the customer obtains a checking account.<\/span><\/span><\/p>\n
    4. Error in Recording<\/span><\/span><\/span><\/h3>\n
    The next cause of reconciliation is an error when recording. <\/span>Both the fault of the bank and the company.<\/span><\/span><\/p>\n
    This is natural and often happens, which is why reconciliation is needed to examine and identify errors so that corrections and adjustments can be made.<\/span><\/span><\/p>\n
    Companies can take advantage of\u00a0 <\/span><\/span>online bookkeeping applications<\/span><\/span> \u00a0to minimize the occurrence of these errors.<\/span><\/span><\/p>\n
    Read Also :\u00a08 Tips for Maintaining Employee Mental Health at Work<\/a><\/strong><\/span><\/pre>\n
    Procedure for Implementing Bank Reconciliation<\/span><\/span><\/span><\/h2>\n
    Referring to the book written by Faiz Zamzami, et al regarding public sector financial audits, there are four general procedures for bank reconciliation.<\/span><\/span><\/p>\n
    The following include:<\/span><\/span><\/p>\n
      \n
    1. Conducting searches on bank balances via checking accounts and confirming the bank’s answers regarding cash recording<\/span><\/span><\/li>\n
    2. Trace the balance sheet date on the reconciliation to check conformity<\/span><\/span><\/li>\n
    3. Create reconciliation worksheets, then match them and find the differences. <\/span>After that you can calculate the difference to match<\/span><\/span><\/li>\n
    4. Re-check the company’s cash records<\/span><\/span><\/li>\n<\/ol>\n
      Read Also :\u00a05 Methods for Calculating Depreciation Costs, Most Complete!<\/a><\/strong><\/span><\/pre>\n
      Forms of Bank Reconciliation<\/span><\/span><\/span><\/h2>\n
      In making a reconciliation, you can prepare a bank reconciliation journal in a choice of the following forms:<\/span><\/span><\/p>\n
      \"Forms<\/p>\n
      1. Vertical Form or Report Form<\/span><\/span><\/span><\/h3>\n
      This form of report is known as staffle. <\/span>Because all the information in it is arranged in a multilevel form.<\/span><\/span><\/p>\n
      If at the top it informs balance reconciliation records based on company records, the bottom part is based on a bank statement, or it could be the other way around.<\/span><\/span><\/p>\n
      \"Contro<\/p>\n
      2. Account Form\/Skontro<\/span><\/span><\/span><\/h3>\n
      The second form is skontro, where information is arranged side by side or horizontally.<\/span><\/span><\/p>\n
      If the right column is for reconciliation of bank records, then the left column is for reconciliation of company records. <\/span>You can also arrange it the other way around.<\/span><\/span><\/p>\n
      \"4<\/p>\n
      3. Reconciliation of 4 Columns<\/span><\/span><\/span><\/h3>\n
      There are actually five columns in this reconciliation. <\/span>It’s just that, of the five columns, there are only 4 nominal mutation columns.<\/span><\/span><\/p>\n
      Therefore it is called a 4 column reconciliation.<\/span><\/span><\/p>\n
      \"Bank<\/p>\n
      4. Reconciliation of 8 Columns<\/span><\/span><\/span><\/h3>\n
      There are actually 9 columns in this reconciliation form, but you will only find 8 columns for nominal mutations. <\/span>That’s why it’s called the 8-column reconciliation.<\/span><\/span><\/p>\n
      Through the explanation above, we can conclude that a bank reconciliation is a report that contains a comparison of the cash records of the bank and the company.<\/span><\/span><\/p>\n
      Accuracy and thoroughness are required in preparing this reconciliation report. <\/span>Of course so that no\u00a0 <\/span><\/span>company’s financial transactions<\/span><\/span> \u00a0are missed and proper recording can be carried out.<\/span><\/span><\/p>\n
      When you have found differences as well as differences from the two cash records, you can immediately make corrections and adjustments.<\/span><\/span><\/p>\n
      This is done so that the difference between bank and company records does not get bigger because the cause is not known and it is not adjusted.<\/span><\/span><\/p>\n
      By carrying out a reconciliation, it is hoped that it can balance or equate cash records carried out by the bank and also the company.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
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