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Online Calculators since 2009
The Bank Reconciliation Calculator allows you to explain the difference between the bank balance shown in a bank statement and the corresponding amount shown in your own accounting records.
|Balance From Your Check Register|
|Ending Balance Shown on Your Statement|
|Adjusted Ending Statement Balance|
It is not unusual for their to be discrepancies in the balance when completing bank reconciliation calculations, particularly in businesses with multiple transactions. Typically, balance discrepancies are caused by:
Accounting is a very important function in the operation of any company. Though there may be many complications when matching balances, it is essential to take relevant measures to avoid any discrepancies.
Bank reconciliation is the process that matches the cash balance on a company's balance sheet with the corresponding balances in the bank account statements. This process helps ensure the accuracy of a company's accounting records when performed regularly.
The bank reconciliation confirms that the accounts in the general ledger are complete, accurate and most of all consistent with the bank statements. This is useful for explaining the difference between two financial records. Discrepancies at some level could be tolerable as they occur due to the timing of payments and deposits.
The unaccounted discrepancies are a sign of inaccurate accounting practices or perhaps warning of fraudulent transactions. It is a good idea to perform reconciliation at the end of every quarter or at least a year.
The reconciliation calculator is easy to use. You will see the following fields that require your inputs to get the results:
On the basis of the above inputs the calculator will provide you with the adjusted ending statement, balance amount and you will know if it is less than or more than your current account balance.
The Bank Reconciliation Calculator designed by iCalculator meets your accounting needs immaculately. You can use the results from the calculator to create and improve awareness about discrepancies relating to accounts with just a few entries & clicks, no need for manual math calculations. Inferences drawn based on the calculator's results will show you if your accounts department is working accurately or you need to take actions to make some improvements. And, the best part is, it's online and available at all times, to provide you accurate results. Just be sure to enter the correct numbers.
There are several problems that may arise while reconciling bank accounts, these include:
Bank reconciliation has several benefits, however, to take full advantage of the process, you must keep your records updated and consider the above-mentioned problems before beginning the reconciliation process.
Completing regular Bank Reconciliation calculations ensures that accounting audits are easier and any discrepancies which may occur are easier to identify and rectify.
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