List the various steps and procedures included in the bank reconciliation process
What will be an ideal response?
Answer:
1. Prepare a list of deposits in transit.
2. Prepare a list of outstanding checks.
3. Record any bank charges or credits.
4. Compute the cash balance per your books.
5. Enter the bank balance on the reconciliation.
6. Total the deposits in transit.
7. Total the outstanding checks.
8. Compute the updated balance per the reconciliation.
The advantage of preparing a monthly bank reconciliation is to verify the amount of cash in the company's account and it may uncover any irregularities such as employee theft of funds.
You might also like to view...
When a customer is unhappy with us for not providing them with outstanding customer
service, it is helpful to conduct a silent ___________ to determine who is really responsible for the situation. a. responsibility check b. co-production analysis c. review d. rebuke
Maxims are propositions that express generally accepted principles or rules
Indicate whether the statement is true or false