Bank reconciliation is the process of reconciling the bank balance on the bank statement versus the company’s checkbook balance. Bank reconciliations involve several steps, including calculating the deposits in transit and the outstanding checks.
The cash balance in the business’s records and the cash balance in the bank statement must be reconciled. Typically, the reconciling items are timing differences between when the check was written by the drawer and cashed by the payee or when deposited by the payee and received by the bank. When reconciling the two statements, these timing differences must be identified.
Do Exercise 6A-1
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