Benefits of preparing Bank Reconciliation Statement includes bringing out any errors committed in preparation of Cash book/Bank Pass Book, Highlighting under delay in clearance of cheques deposited but not credited and helps knowing actual bank balance.

Postage stamps on hand are considered as Prepaid expenses. Prepaid are any expense the business pays for in advance, such as rent, insurance, office supplies, postage, travel expense, or advances to employees.

Error which affect only one account can be Error of posting. An error in which amount is posted to the wrong side of the same account is known as error of posting.

For example, goods sold to X wrongly credited to his account.