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A bank statement was received every month which showed the bank account as per bank record. This helped us to see our funds in the banks regularly and enabled us to update our record of transactions that had occurred. To make these corrections and updates, we made bank reconciliation statements and sent them to both the banks.

Time errors were also of three types;

1. Due to unrepresented Cheque.
2. Due to sending pay slip late in the day, bank recorded it next day.
3. When bank received direct payment.

We used to first mark the items which were present in both cash book and the bank statement. Then we entered the unmarked items on the bank column of the cash book. Then we found out the revised figure of balance in cash book. The remaining unmarked items in the cash book were due to time different and those were corrected at the end.

We used to see the credit balance at the end which means payments into account. Debit balance was not experienced because there was no overdraft