What Is Bank Reconciliation? Importance, Template, & Examples
- March 19, 2025
A company’s receipts that appear on the company’s records but do not yet appear on the bank statement. For example, a retail store’s receipts of March 31 are deposited after banking hours on March 31 or on the morning of April 1. Those receipts are in the company’s general ledger Cash account on March 31, but are not on the March 31 bank statement. On the bank reconciliation a deposit in transit is an adjustment (an addition) to the balance per bank. This adjustment must also be recorded in the company’s general ledger with a credit to Cash and a debit to Bank Fees Expense. A bank credit...
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