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    Bank Reconciliation Synchronous Lecture 1-1

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    jojo beat
    The document discusses bank reconciliation, which is a statement that reconciles a business's bank account balance with its financial records. It requires a bank statement and ledger. Reconciling items include deposits in transit and outstanding checks that affect either the bank or book balance. The reconciliation can be done using the adjusted balance, book-to-bank, or bank-to-book method.

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    Bank Reconciliation Synchronous Lecture 1-1

    Uploaded by

    jojo beat
    26 views4 pages
    The document discusses bank reconciliation, which is a statement that reconciles a business's bank account balance with its financial records. It requires a bank statement and ledger. Reconciling items include deposits in transit and outstanding checks that affect either the bank or book balance. The reconciliation can be done using the adjusted balance, book-to-bank, or bank-to-book method.

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    Bank_Reconciliation_Synchronous_Lecture_1-1

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    The document discusses bank reconciliation, which is a statement that reconciles a business's bank account balance with its financial records. It requires a bank statement and ledger. Reconciling items include deposits in transit and outstanding checks that affect either the bank or book balance. The reconciliation can be done using the adjusted balance, book-to-bank, or bank-to-book method.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    26 views4 pages

    Bank Reconciliation Synchronous Lecture 1-1

    Uploaded by

    jojo beat
    The document discusses bank reconciliation, which is a statement that reconciles a business's bank account balance with its financial records. It requires a bank statement and ledger. Reconciling items include deposits in transit and outstanding checks that affect either the bank or book balance. The reconciliation can be done using the adjusted balance, book-to-bank, or bank-to-book method.

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    © All Rights Reserved
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    Download as pdf or txt
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    [Bank Reconciliation]
    Synchronous Lecture 1
    Created @January 10, 2023 11:35 PM

    Class CFAS 2-002

    Type Lecture

    Other Type

    Materials

    Reviewed

    Status Completed

    Bank Reconciliation Statement


    A summary of banking and business activity that reconciles an entity's bank account
    with its financial records

    Bank Reconciliation
    A statement that brings into agreement the cash balance per book and cash
    balance per bank

    Necessary only for a demand deposit or checking account

    Requires a bank statement and depositor's ledger

    Depositor vs Bank Depositor vs Bank

    a.) Collection of Accounts Receivables (AR) b.) Payment of Accounts Payable

    – Depositor Cash (cash in bank) xxx Acc


    – Depositor Acc Payable (AP) xxx Cash xxx
    Receivables (AR) xxx

    [Bank Reconciliation] Synchronous Lecture 1 1


    Depositor vs Bank Depositor vs Bank

    – Bank Cash xxx Company X xxx – Bank Company X xxx Cash xxx

    a.) Receipts b.) Disbursements

    – Book Debits – Bank Credits – Book Credits – Bank Dedits

    Reconciling Items
    1. Bank Reconciling Deposits in Transit are collections already recorded
    Items by the depositor but not yet by the bank

    a. Deposits in Transit Added to bank balance

    b. Outstanding Outstanding Checks are checks already recorded


    Checks by the depositor but not yet recorded by the bank

    c. Errors Deducted from the bank balance

    Certified Checks should be deducted from the


    total outstanding checks

    2. Book Reconciling Credit Memos are items not representing deposits


    Items
    Added to book balance
    a. Credits Memos
    Noted collected by bank in favor of the depositor
    b. Debits Memos
    Proceeds from bank loan
    c. Errors
    Matured time deposits

    Debit Memos are items not representing checks paid


    by the bank

    Deducted from book balance

    NSF checks

    Technically defective checks

    Bank service charges

    Forms of Bank Reconciliation

    [Bank Reconciliation] Synchronous Lecture 1 2


    a. Adjusted balance method

    b. Book-to-bank method

    c. Bank-to-book method

    [Bank Reconciliation] Synchronous Lecture 1 3


    [Bank Reconciliation] Synchronous Lecture 1 4

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