How to Prepare a Bank Reconciliation Statement
- Compare the records of books and bank statements.
- Identify the reconciling items for both.
- Fill up the proforma bank reconciliation with the unadjusted cash balance per books and per bank and reconciling items gathered.
- Each reconciling item per books must be journalized and posted by the depositor. (Only reconciling items per books are journalized and posted. The bank will make its adjusting entries on the succeeding month.)
Sample of proforma Bank Reconciliation Statement
Bank Reconciliation Statement Sample Problem
Jovelyn Corp. gathered the following information from its own records and from the bank statement records for August 31, 2017:
- Book balance P50000
- Bank balance 84000
- Deposit in transit 40000
- Outstanding check 65000
- Note collected 15000
- NSF check 5000
- Service charge 1000
Required: Prepare a Bank Reconciliation Statement
Shown below is the adjusted balance method bank reconciliation statement that reconciles the differences in the cash balance per books and the cash balance per bank.