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WHAT IS A BANK RECONCILIATION STATEMENT?

When the bank balance will not tally with the book balance upon receipt of the Bank Statement, the discrepancy should be looked into. The process of bringing these two independent and separately kept records into agreement is called Bank Reconciliation. The title heading of this report is Bank Reconciliation Statement.

A discrepancy committed due to the bank error is corrected by the bank itself and the depositor is in no position to correct such error. However, this happens very seldom. Correction if any can be reflected in the bank reconciliation statement only. Hence, the statement is prepared from the point of view of the depositor.

RECONCILING ITEMS

The usual causes of differences between the book and the bank records are as follows:

Deposit in Transit – this is the deposit made by the depositor which did not appear in the deposit column of the bank statement. This usually happens when the deposit is made on the last day of the month and bank records the deposit on the first day of the following month. For example, the business deposits, $2,000 in the afternoon of August 31 (this is the monthly cut-off). This deposit was entered by the bank on September 1 bank statement of the depositor. With this, the Cash Receipts Journal total will not tally with the deposit column of the bank statement. The cause of the discrepancy is called timing difference. The amount of $2,000 is called Deposit in Transit (on the way). Thus, this becomes a reconciling item, in the August Bank Reconciliation Statement for the month of August.

Outstanding Checks – it is the check issued by the depositor to a supplier and same was not presented by said supplier to the bank for encashment or payment within the month of issue. While the depositor had already recorded this as a Disbursement during the month, the bank did not. For example the depositor issued a check in the amount of $3,000 to Mr. Ramon Galendez on August 8. The check was not presented by Mr. Ramon Galendez to the bank for encashment during this month. The total cash disbursed by the depositor during the month is bigger than the amounts shown in the withdrawal column of the bank statement. In effect, both the book and the bank balances will not be the same in amounts.

Service Charge – Bank charges for services rendered by the bank to the depositor in maintaining his current account. This is deducted outright by the bank from the deposit. The depositor will record these charges upon receipt of the bank statement. The withdrawal column of the bank statement is bigger than the total amount disbursed b the depositor. Thus, this becomes a reconciling item. This is usually accompanied a debit memo of the bank.

NSF Check – NSF stands for No Sufficient Funds (Drawn against Insufficient Funds). When a customer pays his account by way of a check to the business or depositor and same was deposited to the bank but later found out to have no enough amount balance to honor the check, said check is returned by the bank. Therefore, while the depositor has recorded this as a deposit already, the bank did not or if had been recorded also as a deposit, it had been removed from the deposit. Thus, the two records will show a discrepancy. NSF check is marked in the bank statement as RT which means Returned Check.