Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

In a bank reconciliation, what happens to the outstanding checks of the previous month?

user-image
Question added by Islam Elrobe , Sales senior manager , blu
Date Posted: 2014/02/26
Fabir Koya
by Fabir Koya , Sr Accounts Executive , Albawani Company

Reconciliations are the process of finding any discrepancies between two set of accounts. As far as outstanding cheques for previous month is cleared in current month it should not appear in reconciliation statement for current month.

Murtuza Lalbaugwala
by Murtuza Lalbaugwala , Associate Auditor

Bank reconciliation is between the entries you have recorded in system & the entries shown in bank statement, you have to knock of both the entries and which ever is left is not reflecting on either side is your reconciliation items.

If you have a previous month reconciliation and if you are doing for current month you have to knock off the entries showing in you previous reconciliation comparing with your current month bank statement.

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.