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what is the accounting term of bank reconcilation? explain
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Answer Posted / ramya
A company's general ledger account Cash contains a record
of the transactions (checks written, receipts from
customers, etc.) that involve its checking account. The
bank also creates a record of the company's checking
account when it processes the company's checks, deposits,
service charges, and other items. Soon after each month
ends the bank usually mails a bank statement to the
company. The bank statement lists the activity in the bank
account during the recent month as well as the balance in
the bank account.
When the company receives its bank statement, the company
should verify that the amounts on the bank statement are
consistent or compatible with the amounts in the company's
Cash account in its general ledger and vice versa. This
process of confirming the amounts is referred to as
reconciling the bank statement, bank statement
reconciliation or bank reconciliation.
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Does anybody know anything about BirlaSoft? I got a job offer, they sent me a contract to sign and return, but thank God they didn't ask for any money! But, they said they would send me a check in the mail. And as my first "task" I would have to use that check to order a bunch of accounting software, and I would need to purchase this software ONLY from the vendors that THEY provide. Is this a scam to just get money? I'm wondering if they "own" the vendor they "work" with and launder money that way. I asked the person who was getting my information, as far as my name and address to send the check to, Why would I have to buy software to install in my home computer anyway? Couldn't they just send me a link for the software to download? I'm afraid of the check being fake. Because, if I deposit the check into my checking account and it turns out to be fake, then I'll owe the bank all that money! Hope to hear from someone soon. Thanks.
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