Reconciling Items and Rules for Errors PDF

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Summary

Book and bank reconciling items and the rules for errors for receipts and disbursements in bank reconciliation....

Description

RECONCILING ITEMS •

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Book Reconciling Items Credit Memo - Collections made by the bank on behalf of the entity - Proceeds of bank loan credited to account of the entity - Matured time deposits transferred by the bank to the current account of the depositor - Interest income credited to the account Debit Memo - Bank Service Charge - NSF/DAIF/DAUD Checks - Payment of Loan - Final withholding tax on interest income Errors

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Bank Reconciling Items Deposit in Transit Outstanding Checks - Certified checks are no longer outstanding checks Errors

RULES FOR ERRORS Cash Receipts Understatement Add on the unadjusted cash in bank balance Overstatement

Deduct from the unadjusted cash in bank balance

Cash Disbursements Understatement Deduct from the unadjusted cash in bank balance Add on the unadjusted Overstatement cash in bank balance...