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Full history of bank statement records, Ellipse transactions and finalised bank reconciliations is available to provide complete visibility for audit purposes.In chapter 4, you have learnt that the business organisations keep a record of their cash and bank transactions in a cash book. The. The bank reconciliation is used to compare the cash balance on the bank statement with the corresponding information presented in the general ledger. This Bank Reconciliation: Step 1: Identify outstanding deposits and bank errors that need to be added to the current bank statement balance. Above all, some do not reconcile their banks and cash balances. 2.2 BENEFITS OF BANK RECONCILIATION STATEMENT TO SMALL SCALE BUSINESS. ENTITIES. The purpose of Purpose. Reconciling bank accounts is one of the simplest ways to ensure all transactions are recorded in the accounting system. Overview. Credit balance as per cash book/Debit balance as per Pass Book. Overdraft balance is shown in the minus column of statement as the starting point. The other Bank reconciliation statement is a financial statement prepared to reconcile the differences in the balance of the bank column of cashbook and passbook by