Bank reconciliation steps (bank & book)

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8 Terms

1
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Add deposits in transits

Bank balance (step 1)

2
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Subtract outstanding checks

Bank balance (step 2)

3
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Add or subtract corrections of bank errors

Bank balance (step 3)

4
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Add interest earned and unrecorded cash receipts

Book Balance (step 1)

5
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Subtract bank fees and NSF checks

Book Balance (step 2)

6
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Add or subtract corrections of book errors

Book balance (step 3)

7
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8
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