Bank reconciliation

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CS Pravin Yadav (Querist)
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25 March 2011 I had done Bank reconciliation in that i find that some of the cheques which are not deposited by the parties ?

what to do for that
should i credit that amt?
or
delete the passed entries????

e.g
Mr. X a/c....Dr 10000
To Bank Cr 10000

this cheque is not cleared.. may be not deposited by party

should i delete it????

Ram Avtar Singh

Ram Avtar Singh (Expert)
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25 March 2011 No need to do any things.

only bank reco for your Reconciliation.

CS Pravin Yadav

CS Pravin Yadav (Querist)
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28 March 2011 But then the Bank balance appearing in balance sheet will not match with bank statement???? then what should i do???

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CS Pravin Yadav

CS Pravin Yadav (Querist)
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28 March 2011 please reply me

Guest

Guest (Expert)

28 March 2011 If your Books bank balance doesnt match with your bank balance you need to find out the entries in you books which has no effect in bank or vice versa and do reverse entries for the same..

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Ram Avtar Singh

Ram Avtar Singh (Expert)
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28 March 2011 For diff produce Bank reco to your Auditor. no need to reversed. it is general activity. last year cheque to be clear in this year. see example from last year bank reco.

Guest

Guest (Expert)

28 March 2011 Some cheques deposited in at last days of March should not be reversed.. which are expected to clear in April... Apart from that other enteries have be reversed..

It is adviced to have a pratice of reconciling Bank Statement from time to time rather doing it at the end of FY.