BUSS1030 Lecture Notes - Lecture 5: Bank Reconciliation, Bank Statement, Internal Control
20 Jul 2018
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Cash account in the business"s own ledger. Determine items not yet recorded in business" account which needs to be lack of agreement interest items only in bank statement. New items = transfer of money into business without them knowing items only in account journal. Deposits = into account reconciliation procedure identify which is the bank statement and general ledger: check off all matching transactions if it is recorded by business and bank, we can assume the transaction is correct. Everything that doesn"t match = reconciling items: set up bank reconciliation template. Balance shown on bank statement balance per bank. Balance shown in the firm"s cash at bank account balance per book: correct errors. Add and subtract from the bank balance, items that appear on books but not bank statement. Add deposits in transit to the bank balance. Eft cash receipts interest revenue earned on money in the bank. Cost of printed cheques / deposit in transit.
