Module 8 Bank reconciliation After completing this module, you will be able to:


• Explain the purpose of bank reconciliation. • Explain the purpose and functions of the bank statement. • Compare the bank statement to the Cash Journals and identify and record the differences. • Record the reconciled entries in the Cash Journals/Cash Book and draw up a Bank Reconciliation Statement and compare the balance of the bank statement with the balance shown in the bank account/Cash Book.


• Compare the bank statement with the Cash Journals/Cash Book of the current month and the Bank Reconciliation Statement of the previous month and make the entries if necessary.


• Briefly describe the procedures to stop the payment of a cheque, to record the cancellation of the cheque in the appropriate Cash Journals/Cash Book and to record the issuing of a new cheque.


• Follow the correct procedure to make the correct entries regarding transactions involving post- dated cheques.


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