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Big Red Book Accounts v5

Total of Outstanding Entries

This is the total amount of entries in the Bank Ledger which have not been 'ticked' as being on a Bank

Statement.

Actual Bank Balance

On entering the Bank Statement Balance the Total of Outstanding Entries is deducted to give the Actual

Bank Balance. The difference between this and the Bank Ledger balance in Big Red Book is reported as a

Discrepancy.

*** Discrepancy ***

This is the difference between the balance expected on your statement and the actual statement balance. It

is normal for some value to appear here when your Big Red Book entries and your entries on your Bank

Statement are fully reconciled the amount of Discrepancy will be zero.

The most likely causes of discrepancies are:



Items appearing on the bank statement which have not been entered into the Cash Payments Book or

the Cheques Journal, for example bank charges



Items which appear on the bank statement but which have not been ticked



Items which have been ticked (in error) even though they have not yet appeared on a bank statement



Discrepancies between the amounts for items on the bank statement and the amounts for the same

items as shown in your records, e.g. due to an error in the amount recorded on a lodgement slip etc.



An inaccuracy in the bank’s opening balance, for example if the bank account had been set up with an

unreconciled opening balance. This would only be a problem for first-time reconciliations

Please Note:

All discrepancies, however small, should be corrected.

Bank Reconciliation Report

When your Bank Account is fully reconciled you should print the Bank Reconciliation Report. This contains

all the details that appear on the screen with a list of all outstanding item. It is recommended that you file

this report with your bank statement.

First Bank Reconciliation

For the very first bank reconciliation, it is likely that there will be a few entries outstanding from the previous

financial year which are not recorded in Big Red Book. As these will be incorporated in the bank account’s

reconciled opening balance and therefore seen as being cleared, they will cause a discrepancy. These

entries should be kept on a separate list and ticked by hand as they clear; the discrepancy in the Big Red

Book® will reduce accordingly.

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