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A bank reconciliation is divided into two sections, the balance per bank statement and the balance per depositor's records. Although it is possible to reconcile one balance to the other, common practice adjusts both balances to prove to one another. Outstanding transactions unknown to the depositor discovered when the bank statement was sent require journal entries.
Example:
Prepare a bank reconciliation based on the following:
| Balance per bank statement | $ 700,000 |
| Balance per book | 430,000 |
| Deposits in transit | 50,000 |
| Deposits not recorded in book | 165,000 |
| Not-sufficient-fund checks | 80,000 |
| Outstanding checks | 250,000 |
| Bank service charges | 15,000 |
| Balance per bank | $ 700,000 |
| Add: | |
| Deposits in transit | 50,000 |
| Total | $ 700,000 |
| Less: | |
| Outstanding checks | 250,000 |
| Adjusted bank balance | $ 500,000 |
| Balance per book | $ 430,000 | |
| Add: | ||
| Deposits not recorded in book | 165,000 | |
| Total | $ 595,000 | |
| Less: | ||
| Not-sufficient-fund checks | 80,000 | |
| Bank service charges | 15,000 | 95,000 |
| Adjusted book balance | $ 500,000 | |
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