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Bank Reconciliation Statement
By Sheela Warrier MeraSkill.com Š MeraSkill
Bank Reconciliation Statement
Š MeraSkill
What you should know Basic Accounting Concepts Asset Liability Journal Entries Cash Book Š MeraSkill
Index
Bank Transaction Flow Terminology What is BRS What differences need to be reconciled Formats of BRS Increase /Decrease Adjusted Cash Book Conclusion
Š MeraSkill
Bank Transaction Flow
Š MeraSkill
Basic Functions of a Bank Interest
Depositor
Interest
Borrower
Current Account Savings Account Recurring Account Term/Fixed Account
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Bank Transaction Flow Payor issues cheque to beneficiary
Crossed cheque
Beneficiary collects cash from Payor’s bank
Bearer cheque
Deposits in Beneficiary’s bank account
Payor bank debit Payor’s bank account
Cheque goes for clearing
and
Beneficiary bank credits Beneficiary’s bank account
© MeraSkill
Š MeraSkill
Bank Transaction Flow Payor issues cheque to beneficiary
Crossed cheque
Beneficiary collects cash from Payor’s bank
Bearer cheque
Deposits in Beneficiary’s bank account
Payor bank debit Payor’s bank account
Cheque goes for clearing
and
Beneficiary bank credits Beneficiary’s bank account
© MeraSkill
Clearing Process Clearinghouse
Clearinghouse (Return Clearing) Verification No
Honoured?
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Bank Transaction Flow - Timing Payor issues cheque to beneficiary
Beneficiary collects cash
Bearer cheque
4th January
1st January
Crossed cheque
Deposits in beneficiary bank account
Cheque goes for clearing 5th January
4th January Payor bank debit Payor’s bank account 7th January
and
Bank credits beneficiary account
Š MeraSkill
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