What Is Bank Reconciliation? (Grade 11 NSC Matric Accounting): Flashcards
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What bank reconciliation compares
What bank reconciliation compares
Business cash records with bank statement information
3 records kept by business for bank reconciliation
3 records kept by business for bank reconciliation
CRJ, CPJ, Bank account in General Ledger
Who prepares bank reconciliation statement
Who prepares bank reconciliation statement
The business, not the bank
Outstanding deposits definition
Outstanding deposits definition
Deposits recorded by business but not yet on bank statement
Outstanding cheques definition
Outstanding cheques definition
Cheques written by business but not yet presented to bank
What RD means on dishonoured cheques
What RD means on dishonoured cheques
Returned dishonoured
What stop orders/debit orders are
What stop orders/debit orders are
Automatic payments processed by bank on behalf of business
When to record post-dated cheques in CRJ
When to record post-dated cheques in CRJ
On the date shown on the cheque, not when received
Two main reasons for differences between records
Two main reasons for differences between records
Different timing in recording and errors in recording
When bank reconciliation is typically performed
When bank reconciliation is typically performed
End of each month