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A PROJECT OF BARTERS PH
Contributed by: Vince Anthony Feir
Bank reconciliation Nsf checks--checks paid to client but returned by bank and was not credited due to
insufficient funds
Is a statement that brings into agreement the balance of cash per book and balance of cash
per bank in which the difference was brought about by timing or errors
Per book- the balance of cash in bank that is being kept in the books of the company noal Credit memos
balance is dr
Bank credits- accounts that increases the amount of the cash deposited in the bank other
Per bank- the balance of the deposited cash that is being kept by the bank that reflects the than deposits
amount due to a client normal balance is cr
Collections by the bank- payments made to the bank by the customers of the client or
Book reconciling items--these are items that are adjusted to the cash in bank balance of the collected by the bank in behalf of the client
company to arrive at the adjusted balance at the end of the period
Bank debits- bank deductions to the deposited account that does not reflect on the books of
the client due to timing differences Errors- mistakes or omissions made by the client subject to analyzation for the effect
Bank service charge--charges made by the bank for the service rendered to client like cost of
checks etc. Bank Reconciling Statement- these are items adjusted to the balance per bank to arrive at
the adjusted balance of cash in Bank at the end of the period
FINANCIAL ACCOUNTING - INVESTMENT IN EQUITY SECURITIES
A PROJECT OF BARTERS PH
Contributed by: Vince Anthony Feir
Deposits in transit--cash collections in the custody of the client yet to be deposited to the Adjust: For any errors found
bank or collections already deposited, but yet to be credited by the bank.
Equals: Adjusted Cash Balance
Outstanding checks- checks issued for disbursements but yet to be presented to the bank
for payment X company(Bank)
Certified Checks- checks that were already debited by the bank even before issue Adjust: for any errors
Stale checks- check issued by the client, but not encashed within a reasonable amount of
time(6 months) this check reverses the previous effect of payment Note: Cib adj Balance=X Company adj Balance
Voided Checks- Checks that cancels the effect of the payment Bank to Book
Book to bank
CiB