ACCT 200 Lecture Notes - Lecture 13: Electronic Funds Transfer
30 Aug 2018
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Principle 1 she had too much responsibility. Nsf checks (not sufficient funds) (bounced checks) Reconcile balance per books and balance per bank to their correct or true balance. Reconciling items: 1. deposits in transit 2. outstanding checks 3. bank memoranda 4. errors. 1. deposits on their way to the bank that haven"t been recited. 2. checks you"ve written to someone else that yo know is gone, subtract the money you know is going to be gone. First two are the most common ones. Bank side reconciliation and book side reconciliation. Adjustments to the bank balance: + deposits in transit, - outstanding checks, +/- Adjustment to the book balance: + eft & other collections by bank, - nsf (bounced) checks, - service charges and other payments, +/- company errors. Book and balance should add up at the end. Need to know for exam: study slide 18. Do the problems from the slides yourself.
