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How do Transactions Affect the Bank Reconciliation

Solution

When an Accounts Payables Check is written:

* The "Adjusted Bank Balance" is DEAREASED
* The "Computer Balance" is DECREASED
* The "Amount to Reconcile" remains the SAME

When an Accounts Receivable is received:

* The "Adjusted Bank Balance" is INCREASED
* The "Computer Balance" is INCREASED
* The "Amount to Reconcile" remains the SAME

*** If the AR is a check it will affect the Bank Reconciliation balances on the date it is received. It will not have a box to be checked. It will be included in the Bank Deposit.

When a Bank Deposit is created:

* The "Adjusted Bank Balance" is INCREASED
* The "Computer Balance" is INCREASED
* The "Amount to Reconcile" remains the SAME

When the Bank Deposit is Checked Off on the Bank Reconciliation:

* The "Adjusted Bank Balance" is DECREASED
* The "Computer Balance" remains the SAME
* The "Amount to Reconcile" is DECREASED

When you write a Manual Check:

* The "Adjusted Bank Balance" is DECREASED
* The "Computer Balance" is DECREASED
* The "Amount to Reconcile” remains the SAME

When the Manual Check is Checked Off on the Bank Reconciliation:

* The "Adjusted Bank Balance" is INCREASED
* The "Computer Balance" remains the SAME
* The "Amount to Reconcile” is DECREASED

When Payroll Checks are Written:

* The "Adjusted Bank Balance" is DECREASED
* The "Computer Balance" is DECREASED
* The "Amount to Reconcile” remains the SAME

When Payroll Checks are Checked Off on the Bank Reconciliation:

* The "Adjusted Bank Balance" is INCREASED
* The "Computer Balance" remains the SAME
* The "Amount to Reconcile” is INCREASED

*** The Payroll Checks will NOT change the Bank Reconciliation balances until the CHECK DATE.

ALL of the transactions will affect the Adjusted Bank Balance and Computer Balance regardless if journals have been posted.

 
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Article details
Article ID: 410
Category: Ledger
Date added: 2012-01-27 09:36:30
Views: 472
Rating (Votes): Article rated 2.6/5.0 (25)

 
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