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What is the difference between Bank Reconciliation and Balance Sheet?

edited Jun 27, 2023 2:05AM in Accounting / ERP 3 comments

At the end of our last financial year. The balance in the bank account was different to the balance sheet because there were some uncleared checks. When we totalled up the uncleared checks they match exactly the difference between the bank account and the balance sheet.

now before I go any further we reconcile our bank statement every day. So if I go to the bank reconcillisation for the 31st March the closing balance in the bank reconcillisation matches our bank statement to the penny.

However if I no pull a balance sheet for the 31 march it shows a lower amount than is in the bank and this year we do not have any outstanding amounts because all payments are made on-line.

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