How to Prepare a Bank Reconciliation Part 1

Step 1: Tick off items that appear on the bank statement as well as the cash book (known as 'matched' items)
Step 2: Update the cash book for all items that appear on the bank statement but are not currently shown in the cash book e.g. bank charges (we won't know about items like this until we receive the bank statement). Balance off the Cash Book.
Step 3: Reconciliation: start with the end date bank statement balance and;
ADD: receipts shown in the cash book but are not on the bank statement yet.
DEDUCT: payments shown in the cash book but are not on the bank statement yet.
The amount you end up with should be equal to the brought down balance in the Cash Book.
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