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    Notes On Bank Reconciliation - INTERM 1

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    Leonoramarie Bernos
    The document discusses bank reconciliation, including functions of accountants, reconciling checking accounts, preparing bank reconciliations by finding balances in bank statements and books, and adjusting entries. It also covers credit memos, debit memos, deposits in transit, outstanding checks, and reconciling items.

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    Notes On Bank Reconciliation - INTERM 1

    Uploaded by

    Leonoramarie Bernos
    9 views2 pages
    The document discusses bank reconciliation, including functions of accountants, reconciling checking accounts, preparing bank reconciliations by finding balances in bank statements and books, and adjusting entries. It also covers credit memos, debit memos, deposits in transit, outstanding checks, and reconciling items.

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    Notes on Bank Reconciliation_INTERM 1

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    The document discusses bank reconciliation, including functions of accountants, reconciling checking accounts, preparing bank reconciliations by finding balances in bank statements and books, and adjusting entries. It also covers credit memos, debit memos, deposits in transit, outstanding checks, and reconciling items.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    9 views2 pages

    Notes On Bank Reconciliation - INTERM 1

    Uploaded by

    Leonoramarie Bernos
    The document discusses bank reconciliation, including functions of accountants, reconciling checking accounts, preparing bank reconciliations by finding balances in bank statements and books, and adjusting entries. It also covers credit memos, debit memos, deposits in transit, outstanding checks, and reconciling items.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Interm 1: Notes on Bank Reconciliation

    - Functions of accountant in a given company


    - There are a lot of checking account in a company
    - Checking accounts are normally reconciled in a company
    - Others; checking and savings are mixed
    - Checking account, current account or demand account
    - Prepare of bank recon; find bank statements balance and in books
    - Possible fraud
    Bank Reconciliation
    - Per books and bank statement received every month
    - Determine the difference between the two
    - We should be able to arrive balance
    - Adjusting entries that we have to prepare
    - Bank statement; deposit and withdrawal
    Proforma Bank Reconciliation
    - Name of the company
    - What report
    - Certain period
    - Left ; balance in books and right; balance in bank statement
    - Debit memo; subtract; credit memo; add
    - Credit memo and debit memo; usually adjusted; and errors\
    - Bank; deposit in transit; add; outstanding check; minus and errors
    Credit Memo
    - Additions
    - Bank credit made by the bank that is not yet recorded
    - Paid by the bank that is not known by the company
    - Unrolled over; need to be new
    - Income by the deposits are added
    Debit Memo
    - Subtractions
    - Not known by the company or depositor
    - Loan paid for the bank
    Book Errors
    - Errors committed by the depositor
    Deposit In Transit
    - Happened but not recorded by the bank
    Outstanding Check
    - Written by the depositor
    - Certified and stale checks are not included
    Bank Errors
    - Errors made by the bank
    Reconciling Items
    Opens a Checking Account
    - Cash on hand is credited and cash in bank is debited; books of depositor
    - Cash on Hand debited and Deposit Liability is credited; payable off bank to the depositor; that is
    why it is called liability; books of bank
    Deposit in Transit
    - No entry in the bank since that haven’t recorded it yet
    - Recorded only by the book of company or depositor
    Credit Memo
    - Bank collected/received; recorded only by the bank and not by the depositor
    - Known by the depositor when bank statement is received; then it will be recorded

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