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How to Prepare a Bank Reconciliation Part 1

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How to Prepare a Bank Reconciliation Part 1

282,224 views November 6, 2013 4:46

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ChannelAccountancy Learning Ltd

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Step 1: Tick off items that appear on the bank statement as well as the cash book (known as 'matched' items)

Step 2: Update the cash book for all items that appear on the bank statement but are not currently shown in the cash book e.g. bank charges (we won't know about items like this until we receive the bank statement). Balance off the Cash Book.

Step 3: Reconciliation: start with the end date bank statement balance and;
ADD: receipts shown in the cash book but are not on the bank statement yet.
DEDUCT: payments shown in the cash book but are not on the bank statement yet.

The amount you end up with should be equal to the brought down balance in the Cash Book.

www.accountancylearning.co.uk

About this tutorial

Accountancy Learning Ltd published this 4:46 video tutorial on November 6, 2013. It has been watched 282,224 times on YouTube.

Category
Education
Duration
4:46
Published
November 6, 2013
Views
282,224
Likes
1,291

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