while preparing Bank reconciliation Statement, i came across value date and transaction date.
my transaction date and value date was 31st january 2014.
first i took this as my closing balance..
then i saw another entry where my transaction date was 1st february 2014 and value date was 31st january 2014.
my first question is ' what is the difference between transaction date and value date?'
Second Question ' Which date is to be considered for taking closing Balance of 31st january 2014?'