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General Accounting Discussions: Bank Reconciliation - use last day of month or last day on bank statement

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    • CommentAuthorBriana
    • CommentTimeDec 18th 2007
     
    When doing the bank reconciliation, do you use the end date as the last day of the month, or the last day on the statement? What if the statement ends on the 20th of each month? Do you have to do anything differently?

    Thank you.
    • CommentAuthorCounter
    • CommentTimeDec 31st 2007 edited
     
    For my personal checking account, I reconcile to the date of the bank statement.
    However, for a business you want to be certain that the cash presented on its balance sheet is the correct amount. Therefore, you should reconcile the bank statement as of the date of your balance sheet. If you balance sheet will be as of the end of December, then you need to reconcile to December 31...in order to be certain that the cash reported as of December 31 is correct. If the business checking account is available online, I suggest that you print a bank statement as of the end of business on December 31 (print it in January but as of Dec. 31).

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