7 Steps to Prepare Bank Reconciliation Statement for Your Assignment

Accounting, an easy subject, still you fear from its assignments. Why? The reason is this topic called bank reconciliation. This concept is not difficult but a bit confusing. The students remain confused how to prepare the bank reconciliation statement for their assignments. And, this confusion induces them to seek make my assignment help service from various sources to get their work completed on time.

We know you need guidance on how to prepare this statement and this article will provide the same. Here all your doubts will get cleared. All you need to do is read the next section with the utmost attention.

Quick and Easy Steps to Prepare Bank Reconciliation Statement
You have watched many video tutorials or asked your professor, still confused how to prepare this statement for the assignment. Fret not, the experts have formulated a few easy steps that will act as your blueprint in preparing it. Here we are sharing the same with you. Stop multitasking, put that favorite gadget of yours down, and focus on the following points.

Step no. 1: Detecting the uncleared dues: The first step of preparing the bank reconciliation statement is the detection of uncleared dues. You can do so by comparing the bank column of your cash book with the passbook. This will reveal the uncleared dues such as the cheques that were not deposited or remain uncleared.

Step no. 2: Comparing the debit and credit sides: The next step in the preparation of this statement is to compare the debit side of the bank passbook with the credit side. And, the debit side of the cash book with its credit side. Both sides of these books must be equal. If they are not equal, then tick mark the differences.

Step no. 3: Finding out the missed entries: After comparison, the next step is finding out the missing entries in the books. Doing this is very easy. All you need to do is examine the entries in the bank column of your cashbook and the checkbook. This will throw light upon any entry that remains unrecorded in the books. List such entries separately.

Step no. 4: Correcting the errors: The next step in this process is the correction of the errors present in the cashbook. You must make sure that all the mistakes are corrected as they are the cause of inequality between the balances of both the books.

Step no. 5: Revising the balance: After the correction of the errors, calculate the revised cashbook balance. While making these calculations, ensure to keep calculation mistakes at a bay.
Step no. 6: Adding the un-presented cheque and deducting the uncredited cheque: The next step is to prepare a reconciliation statement keeping in view the updated records and balances. In the statement, you must add the un-presented cheque as the bank is not aware of such cheques. On the other hand, the uncredited cheques that the beneficiary forgot to collect are deducted.

Step no. 7: Ensuring equal balance on both sides: The last step of the process is the calculation of the final balances. You must make sure that the balance on the bank side of the statement matches the balance on the other side.

Now you must be feeling confident enough to prepare the bank reconciliation statement for your accounting assignment. But wait, do not jump on the assignment problem directly. First, open your accounting books and practice solving similar problems. This will help you gain more confidence so that you can solve such questions flawlessly. After all, only a accurate solution can fetch your dream grade.

Summary: Preparing a bank reconciliation statement for the accounting assignment is not easy. Many students find it confusing and struggle at it. Therefore, to help them with this, we have presented a few easy steps. These will act as your roadmap in the preparation of the statement.

About the author: Casey Floyd is an academic writer associated with Global Assignment Help Australia. Her hobbies include reading and traveling. In addition to this, she has a keen interest in the field of accounting. Many students have saved their grades by taking online assignment writing services from her.