Bank Reconciliation Flashcards

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Flashcards about bank reconciliation.

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4 Terms

1
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Deposits in Transit

Deposits recorded in the business's books but not yet reflected in the bank statement; add to bank account during reconciliation.

2
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Outstanding Cheques

Cheques issued by the business that have not yet been cleared by the bank; subtract from bank account during reconciliation.

3
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Deposits Made Directly by the Bank

Deposits recorded by the bank but not yet entered in the business’s books (e.g., interest earned, customer direct deposits); add to cash account during reconciliation.

4
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Charges Made Directly by the Bank

Fees or charges deducted by the bank that the business hasn’t recorded yet (e.g., service fees); subtract from cash account during reconciliation.