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The term is also used to refer to the balance that is present in an account on the last day of the current banking period, or the end of the business month. From this perspective, the book balance can be viewed as the starting point for reconciling the account records held by the bank and the records maintained by the account holder. The company may sometimes record a deposit incorrectly, or it may deposit a check for which there are not sufficient funds (NSF). If so, and the bank spots the error, the company must adjust its book balance to correct the error. The bank may also charge an NSF fee, which must be recorded in the company’s books.
After many years in the teleconferencing industry, Michael decided to embrace his passion for trivia, research, and writing by becoming a full-time freelance writer. Malcolm’s other interests include collecting vinyl records, minor league baseball, and cycling. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years.
Typically, book balance is used to manage the cash within a company’s checking account. At the end of an accounting period, the book balance is reconciled with the bank statement to determine if the cash in the bank account matches the book balance. The bank balance is a company’s cash position in a company’s bank account as reported at the end of the month, according to the bank statement. Book Balance Definition When debits and credits are processed through the bank account, those amounts are reflected in the bank account’s cash balance. However, there are several scenarios when the book balance can differ from a company’s bank balance. The balance on June 30 in the company’s general ledger account entitled Checking Account is the book balance that pertains to the bank account being reconciled.
Since the book balance is the gross balance of funds in the account before any checks are cleared or deposits posted, the figure may or may not accurately reflect how much money the account holder has to work with. In order to arrive at that figure, it is necessary to deduct any outstanding checks or other debits from that balance. Sometimes referred to as a net balance, this figure represents what is left after pending debits have cleared. By allowing for those pending debits, the account holder minimizes the risk of overdrawing the account, incurring penalties, and possibly having a check returned.
The bank balance is the balance reported by the bank on a firm’s bank account at the end of the month. Ensuring an accurate book balance can help companies manage the monthly cash flow activities, which includes cash coming in and cash being paid out from the company. As a result, the interest earned would not be reflected in the book balance until the interest has been credited and the bank account reconciliation has been performed. https://kelleysbookkeeping.com/the-new-importance-of-materiality/ Book balance indicates the balance of the ledger accounts which has been prepared by the companies for representing the balance of the bank account…. Accounting helps in maintaining a chronological and formal record of all the operating transactions of the company or an institute. It includes various processes and methods which would help in representing the correct and actual figures to the creditors or stockholders of a company.
Interest earned on an account is often paid on a company’s cash balance and is credited to the bank account at the end of the month. The interest could be from a savings account or a cash sweep, which is when the bank withdraws unused funds in a company’s checking account and invests that money in short-term investments. Bank account service charges might have been deducted from a company’s bank account throughout and at the end of the month. Those debits would not be recorded in the book balance until the month-end numbers are reconciled with the bank. A bank reconciliation statement can be prepared to summarize the banking activity for an accounting period to be compared to a company’s financial records and book balance.
