About Lesson
As we mentioned, the bank statements do not always equal what we expect based on the trial balance – Bank reconciliations are what we use to ensure the accounting records are accurate.
A bank reconciliation is the process of matching the balances in the accounting records to the corresponding information on a bank statement or physical cash count. Typically done at the end of each month.
Objectives:
- Determine the differences between the two balances, and record required changes to the accounting records as appropriate.
- Identify any errors or omissions made in the cash receipts and disbursement processes throughout the month and record required corrections
Qs: Has anyone done a bank reconciliation before? Can you give some details to your classmates?
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