What is the Bank Reconciliation? And How i can do its entry
in busy Software
Answer / geethamruth
A Bank reconciliation means cross verifying the entries in the cash book(bank balance)with that of pass book.
generally the reasons for disagreement of cash book with that of pass book are as follows:
1.cheques deposited but not collected by bank.
2.cheques issued but not presented for payment.
3.amounts recorded only in pass book till date (this doesn't mean that they should not be recorded in cash book,they should also be recorded but they are not yet recorded)such as bank charges,incomes received by banks directly by power of standing order etc..
THERE IS NO ENTRY FOR BANK RECONCILIATION.IT IS ONLY A TOOL FOR VERIFYING WHETHER ALL ITEMS ARE PROPERLY RECORDED ARE NOT.AND TO FIND OUT THE WRONG POSTINGS EITHER IN THE CASH BOOK OR THE PASS BOOK.
Is This Answer Correct ? | 11 Yes | 3 No |
whether allowances will be included in calculating esi from gross salary
What is the difference between ledger and journal?
Rent received in advance journal entry
What is personal account?
I select in Vendor Master - in defualt data material - Purchasing Group as a Subcontractor but how to get report or list only Subcontractor Vendor Master in sap?
what is meant by deferred revenue expenditure?
What are the 5 basic accounting principles?
Explain the Realisation concept and Accounting concept? why do you prepare p/l appropriation account? 4 difference b/w public and private caompany? How do you calculated closing stock in tradind a/c? Contents an invoice receipt? classification of Error as per accounting? Diff btwn Satutory audit & Internal audit? Diff b/w reserves for bad debts and provision for bad debts? Where the Bank book and the Cash book will not reconcile? When will the Cash book have a credit balance?
Differentiate accounting and auditing?
Derivative
If balancing account is not assigned to company & is assigned to department wat will be the effects
What is meant by Deferred Asset?