Bank Reconciliation Statement by Account and Period
The reconciliation statement shows the balance as per books, the reconciling items and the balance as per bank. It is exported for each account and period.
Three parts of the statement
Per account and per period
A statement is made for one account and one period at a time. The closing date can be any date, which helps when a bank asks for figures in the middle of a month. It exports, and it prints for the accountant’s file. The same figures are also available as book balance against bank balance, account by account.
Who reads it
- Accountants and CAs read it before they sign the month off
- Auditors open it for any closed month
- Owners read the cash position behind it, with uncleared and disputed items shown separately
What it leaves to people
The statement reports what has been matched and what has not. It does not explain an item. The explanation sits in the written reason on the unmatched list. Whether the statement is laid out as a lender or an auditor asks is confirmed with the client at set-up.
Frequently asked questions
Can the statement be run for a past date?
Yes. Any closing date can be picked, and the statement shows the position as it stands on that date.
Is the statement the same as the sign-off?
No. The statement is the report. Sign-off is the act of a person with that right, and it locks the matched entries for the month.
Is there one statement for all accounts together?
No. A statement is made for each account and period, because each account has its own bank balance.
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