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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.Reconciliation of the cash book and the bank passbook balances amounts to an explanation of differences between them. The differences between the cash book and The bank reconciliation is used to compare the cash balance on the bank statement with the corresponding information presented in the general ledger. This 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 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 Bank reconciliation statement is a financial statement prepared to reconcile the cashbook and passbook must match with each other at any point in time. Thus, the purpose of a bank reconciliation is to check the accuracy of the bank balance in the entity's ledger and to ensure that the bank balance is correctly Bank Reconciliation: Step 1: Identify outstanding deposits and bank errors that need to be added to the current bank statement balance.