The bank reconciliation statement journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting relating to bank reconciliations.
In each case the bank reconciliation journal entries show the debit and credit account together with a brief narrative. For a fuller explanation of journal entries, view our examples section.
Bank Reconciliation Journal Entries November 6th, 2016Team
The imprest system of petty cash is a method of accounting for petty cash expenses. Under the system, the petty cash fund balance is always restored at the end of the accounting period back to its original amount. At any one time the cash held plus the petty cash vouchers should always be equal to the original fixed imprest amount.
The bank reconciliation process is a means of ensuring that the cash book of the business is reconciled to the bank statement provided by the bank. Take our basic bank reconciliation test to check out your knowledge of bank reconciliations used in double entry bookkeeping.
Quiz 10: Bank Reconciliation Test December 14th, 2016Team
All petty cash transactions need to be supported by a petty cash voucher.
Together with attached invoices, receipts, and other paperwork, a petty cash voucher is used to support payments made from petty cash and will help a business to document and post petty cash book entries.
Petty Cash Voucher Template November 6th, 2016Team
The bank reconciliation process is a means of ensuring that the cash book of the business is reconciled to the bank statement provided by the bank. The bank reconciliation is prepared as a statement called the Bank Reconciliation Statement.
Cash at bank and in hand refers to amounts which are held by a business in the form of notes and coins (e.g. petty cash) or which are held at a bank in the form of on demand deposits such as current accounts and savings accounts.