Does the cashbook balance need to equal bank statement balance in a perfect scenario?

In a perfect scenario, the cashbook balance should equal the bank statement balance, as both reflect the same transactions and cash position. Discrepancies often arise due to timing differences, such as outstanding checks or deposits in transit. Regular reconciliation is necessary to identify and resolve any differences, ensuring accurate financial records. Thus, while they should ideally match, it is common for them not to do so at all times.