Bank Reconciliation-A Complete Guide
Posted: Oct 06, 2018
Bank reconciliation is a process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. A BRS (bank reconciliation statement) ensures the differences between the passbook and the cash book of the entity.A bank reconciliation statement is helpful in finding out the exact value of the amount of bank balance held on a particular date.
Why bank reconciliation statement is importance?
A bank reconciliation statement is needed for the following reasons:
If are you are going to prepare a bank reconciliation statement, then it is necessary to make it in an effective manner. For this purpose, there are some steps mentioned below:
Due to changes in technology and an advance in globalization, financial services industry has been subjected to many changes. These changes have led to online banking or E-banking.All the licensed banking institutions in Malaysia, under the Bank Negara Malaysia guidelines, are permitted to establish informational Websites. This has been done for advanced and efficient internet banking services. At present, there are 12 banks that are offering internet banking facilities and five banks have even introduced mobile banking. Banks who have introduced chip technology offer new forms of payment options along with higher security.
Online banking services in Malaysia include:
Private banking services
Private banking services are personalized financial and banking services to high net worth individuals (HNWIs). In this, the bank appoints particular staff members in the private banking division to manage client accounts.Some of the private banking services are:
Axios Credit Bank
Axios credit bank is an international financial institution providing offshore banking services. Axios credit bank provides best and user friendly online banking services such as fund transfer services, account information, high level security, Electronic bill etc.
I am an financial advisor at Axios Credit Bank and deal with all kind of banking and financial services. I love to write about banking and finance industry updates.