Bank Statement in Tally

An official document that gives brief details of the financial transaction that occurred in the period of time like weekly, monthly, quarterly, or yearly by an individual or business organization

The main purpose of the bank statement is used for the bank reconciling process. This gives a clear idea of the cash in the bank for giving the payment and payment received as well as the cheque details. In recent times most organizations have shifted to an electronic statement which allows direct commercial bank transfer using accounting software such as tally ERP 9.

Banking statements are made as entries in the Tally for future verifications.

Tally ERP 9 is one step solution for maintaining and managing all the accounting needs of a business. Tally ERP 9 easily streamlines the manual process of BRS.  In an organization there are numerous transitions where manually checking each transaction is a challenging task.

• Interest charges by the bank for loan differ from bank to bank and interest amount for fixed deposited given by back which will not be in the cash book but in the bank statement.
• It’s common in business to pass a standing introduction for certain payment to the back whereas this mandates instruction may be forgotten by account and not reflected in the cash book.
• As per the RBI rule, the cheque issued is valid for 3 months if the vendor has not deposited the account have to pass a revert entry in the cash book for getting the bank statement balance with the cash book.
• There are hidden charges debited by the bank in your account for which the entries may not be passed in the cash book.
• Tally ERP 9 has both manual and auto bank reconciliation statement features.
• Cheques deposited by the business owner take 3 to 4 working days to get cleared it will be in the cash statement where it will not be passed until it is cleared will not appear in the bank statement.
• In business, it’s common to give posted dated cheques and these entries will appear in the cash book and not in the bank statement until the date gets arrived.

• Important of the back statement is to check the entries made in the cash book matches and justify with the passbook by the top team of the business organization resulting in good accounting standards. 
• Avoid theft by knowing any unauthorized transaction has occurred.
• Understanding the accounting error and eliminating it for example double entry.
• Bank statement checking helps the achieve accurate balance in the cash book and passbook.

Update your Tally with the Bank statement in Tally for an error-free cash book and pass book with expert AXN best Tally partner with 15,000 clients.