“The amount of money currently in your bank account is a fact. The amount you spend today is a choice. And the way you reconcile both is through clarity”
Department of Commerce organised a Guest Talk on Bank Reconciliation Statement by CA.C.Sathyamoorthy, Founder-Partner, YS & Co for B.Com students on 10/10/2019. CA.C.Sathyamoorthy is a practising Chartered Accountant and founder-partner of Y S and Co, a firm of Chartered Accountants. He is the Founder and Main faculty of YS academy. He became the member of Institute of Chartered Accountants of India and completed Company Secretaries Course in the year 2009. His areas of Specializations are Accounting, Taxation, Financial Management.
The session started with the introduction to Bank Reconciliation Statement and identifying a normal balance or overdraft balance in the pass book and cash book. The speaker then detailed about the causes of difference in the cash book and pass book balance. He explained with few illustrations on the importance and procedure for preparing the Bank Reconciliation Statement. The session was very interactive and covered a series of practical problems ranging from Items which increases pass book balance and decreases cash balances and vice versa.
The session helped the students to detect errors like missing and duplicate transactions that could lead to inaccurate reports. The entire session lasting for about two hours was warmly welcomed and appreciated by the students and proved to be a very useful and informative one for the students. The guest talk was coordinated by Mr.Vijai Sai and Ms.Minu Babu of I B.Com.