Bank Reconciliation Statement Explained | FULL EXAMPLE

In this accounting lesson, we go through the Bank Reconciliation Statement. We explain what the Bank Reconciliation is, why we do it, the reasons for the differences between the Bank Statement and the Bank account in the business' books, and what to do with outstanding cheques and outstanding cheques from last month's bank reconciliation statement that did not appear in this month's bank statement.
We also go through a thorough example on how to complete the Cash Receipts Journal (CRJ), the Cash Payments Journal (CPJ), the bank account in the general ledger and how to close it off, and how to complete the Bank Reconciliation Statement.
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Perfectly explained! You did a terrific job! 100% recommended! Thank you so much!

[@thandekamceleni8238]

Thanks for the information... I just want to ask how do we rectify if there was an error cheque debited twice on Bank statement?

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[@Counttuts]

Glad to hear that. Thanks for the feedback :)

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[@Counttuts]

Thank you for the kind feedback. Appreciated :)

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I’ve never left an accounting class feeling this confident🔥

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Awarding bank secret...........

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[@Counttuts]

Hello Dakalo, Thank you for the kind feedback :)

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[@denisehopkins4885]

Thanks for the thorough explanation. However, You lost me you did the actual example. I will watch again. As I do reconciliation book vs bank then journal entries for the reconciling items on the book side. I might watch again. Good job on the explanation for what might cause the differences between book and bank.

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