Bank Reconciliation | Financial Accounting Course | CPA Exam FAR ch 6 p4

IN this session, I cover accounting for bank reconciliation. The purpose of the bank reconciliation is to be certain that the company's general ledger Cash account is complete and accurate. A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
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[@TheDudeAmazing]

Audio is only coming to my left headphone. Don’t know if you were aware. Otherwise, the content is great!

[@kaylamariepunzalan7180]

Thank you soooo much!!!

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[@kaylamariepunzalan7180]

Hello! I'm just a little bit confused. Why is NSF check deducted from the book balance?

[@jentegrity6614]

It’s because when the customer check is recorded into the company book, we add the check to our cash account in the company book and when the check is bounced we need to deduct from the cash account in our book and also add this amount back to the accounts receivable. The journal entry is debit AR and credit cash.

[@kaylamariepunzalan7180]

@@jentegrity6614 Well said! Thank you! :)

[@marjoriebunagan5549]

Hello sir. Can the journal entries be compounded? Or is it by transaction by requirement?

[@pedronikolas3840]

instaBlaster.