This bank reconciliation statement template shows you how to calculate the adjusted cash balance using the bank statement and a company’s accounting record.
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A bank reconciliation statement is a document that matches the cash balance on a company’s balance sheet to the corresponding amount on its bank statement. Reconciling the two accounts helps determine if accounting changes are needed. Bank reconciliations are completed at regular intervals to ensure that the company’s cash records are correct. They also help detect fraud and any cash manipulations.
Bank Reconciliation Procedure
On the bank statement, compare the company’s list of issued checks and deposits to the checks shown on the statement to identify uncleared checks and deposits in transit.
Using the cash balance shown on the bank statement, add back any deposits in transit.
Deduct any outstanding checks.
This will provide the adjusted bank cash balance.
Next, use the company’s ending cash balance, add any interest earned and notes receivable amount.
Deduct any bank service fees, penalties, and NSF checks. This will arrive at the adjusted company cash balance.
After reconciliation, the adjusted bank balance should match with the company’s ending adjusted cash balance.
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