Comments on: How to do a Bank Reconciliation

By: Commie B

Commie B — Sat, 27 Aug 2011 21:28:00 +0000

The $292 discrepancy can be easily dealt with, but there are things to consider. What is the turnover of the business – would $292 constitute a significant amount if written off? Also, you say the reconciliation is out – do does the bank statement have more than the GL or vice versa?

By: Commie B

Commie B — Sat, 27 Aug 2011 21:26:00 +0000

You’ll have to change all the past reconciliations- that’s the only way to re-reconcile.

By: Kittykatkins69

Kittykatkins69 — Sat, 27 Aug 2011 05:41:00 +0000

Is there anyway to go back and unreconcile a month? lol

By: Kittykatkins69

Kittykatkins69 — Sat, 27 Aug 2011 05:39:00 +0000

I took over the books for a company and there is a $292 discrepancy, I’ve done a lot of bank recs and I cannot find the discrepancy anywhere. To further complicate the matter, it looks like the previous bookkeeper tried to reconcile but ended up plugging the amount she was out to office supplies. I’ve tried reconciling to the end of the following month hoping it would correct itself, but I’m still out, any suggestions?

By: Commie B

Commie B — Thu, 18 Aug 2011 09:46:00 +0000

Couldn’t tell you, Rlombard. Never took the ICB exam.

By: Rlombard

Rlombard — Sun, 14 Aug 2011 20:08:00 +0000

can anyone tell me what to expect for a ICB junior bookkeeping exam. I am ok with the POE. is the exam the same or more complicated. What do I need to look out for. on some of the excercises do they speak about renumbered invoices is that a catch question. because renumbering invoices is totally not allowed PLEASE PLEASE ADVISE

By: Commie B

Commie B — Sat, 25 Sep 2010 18:16:37 +0000

Welcome, Melissa.

By: Melissa

Melissa — Thu, 23 Sep 2010 07:10:28 +0000

Thank you so much!!! you made it sound so simple!

By: Commie B

Commie B — Sun, 07 Mar 2010 22:24:00 +0000

Jazz, you’re not actually supposed to make the entries in your bank account in the GL. It’s a reconciling item on your bank reconciliation statement. Once it’s reconciled, it simply goes off the bank reconciliation statement, because you now have entries for those checks in BOTH your GL and the Bank statement. They’re just in 2 different periods.

By: Jazz

Jazz — Mon, 22 Feb 2010 19:52:29 +0000

Quick question:

In November, when the Bank Statement and G/L were reconciled, the outstanding checks for November were added to the bank statement balance.

In December, when those checks hit the bank, how do you treat them to reconcile the Bank Statement and the G/L for December?

By: Hamayoon Khan Afridi

Hamayoon Khan Afridi — Wed, 06 Jan 2010 05:10:21 +0000

How to reconcile unfavoureable bank reconcilation statement

By: Commie B

Commie B — Thu, 29 Oct 2009 21:09:37 +0000

Yes, for several reasons:

1. Some banks put them on the bank statement in order of the date they are presented as opposed to the cheque number.
2. Some cheques may not have been cashed yet.
3. Some banks have horrible software and really pathetic designers who’ve designed their statements (this is probably the most common reason).