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How To Do A Bank Reconciliation (EASY WAY)

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How To Do A Bank Reconciliation (EASY WAY)

1,652,931 views October 25, 2019 17:02

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ChannelAccounting Stuff

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NEW: Complete Accounting Study Bundle 👉 accountingstuff.com/shop

Join me in this episode of Accounting Basics for Beginners as I show you how to do a Bank Reconciliation from scratch.

In this Bank Reconciliation tutorial, you'll hear the definitions of Bank Statement and Cash Book and learn why the following situations can cause differences between these two reports...

▪ Omissions
▪ Timing Differences
▪ Errors

You'll then find out how the Bank Rec is useful in terms of calculating the 'True Cash Value' of a business. And finally, I'll show you how to prepare the Bank Reconciliation using 7 steps...

The techniques that you'll discover in this Bank Rec tutorial can be applied in your own work to easily reconcile the Bank Statement to the Cash Book.

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▪ Bank Reconciliation Quiz ➔ youtu.be/oU0Ia8XTV3o
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⏱️ TIMESTAMPS
00:00 - Intro
00:58 - Bank Statement Definition
01:14 - Cash Book Definition
01:52 - Why do the Bank Statement and Cash Book disagree?
03:38 - What is a Bank Reconciliation?
04:03 - Why is a Bank Reconciliation necessary?
04:23 - When are Bank Reconciliations done?
05:29 - Step 1 - Get copies of the Bank Statement and Cash Book
06:20 - Step 2 - Bank Reconciliation template
07:48 - Step 3 - Tick all matching transactions
08:28 - Step 4 - Calculate adjusted Bank Statement balance
10:28 - Step 5 - Calculate adjusted Cash Book balance
13:07 - Step 6 - Check that the adjusted totals match
13:43 - Step 7 - Prepare the necessary Journal Entries

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#accounting #accountingbasics #accountingstuff

About this tutorial

Accounting Stuff published this 17:02 video tutorial on October 25, 2019. It has been watched 1,652,931 times on YouTube.

Category
Education
Duration
17:02
Published
October 25, 2019
Views
1,652,931
Likes
41,278

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Further reading

  • How to Do a Bank Reconciliation: Step-By-Step (2020) | The ... fool.com

    The easiest way to find these adjustments when completing a bank reconciliation is to look at the bank fees. You’ll also want to look at any miscellaneous deposits that haven’t been accounted for.

  • A beginner’s guide to bank reconciliation - FreeAgent freeagent.com

    A beginner’s guide to bank reconciliation. Bank reconciliation is an essential process for your small business. Get it right, and you’re well on your way to being on top of your finances. Get it wrong, and you could end…

  • How to Do a Bank Reconciliation: Step-By-Step Process freshbooks.com

    To do this, a reconciliation statement known as the bank reconciliation statement is prepared. Bank Reconciliation: A Step-by-Step Guide. You receive a bank statement, typically at the end of each month, from the bank.…

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