Bookkeeping for Dummies by unknow

Author:unknow
Language: eng
Format: epub
ISBN: 9781119189138
Publisher: Wiley
Published: 2016-02-16T00:00:00+00:00

Work through each transaction in your cashbook and match them against the bank statement as a double-check.

For manual bookkeeping systems, you mark the cashbook using a tick (or perhaps a B for bank statement). All items that are left on the cashbook without a tick are items that have not appeared on the bank statement. These items are your un-presented cheques or outstanding lodgements (deposits in transit). You can now easily write up your bank reconciliation, as shown in Table 9-1.

When you tick each item in the cashbook against the bank statement entry, also place a cross against the original tick on the bank statement. You can then see at a glance on the bank statement that all transactions have been entered and also checked against the cashbook.

The same reconciliation process can be applied to credit cards that the business receives. However, be sure that if you’re using a computerised reconciliation process you correctly enter the credit card balance as a negative figure, because this balance is money owed.

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