if a check correctly written and paid by the bank for $442 is incorrectly recorded in the company's books for $380, how should this error be treated on the bank reconciliation?

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21-10-2022
Business

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if a check correctly written and paid by the bank for $442 is incorrectly recorded in the company's books for $380, how should this error be treated on the bank reconciliation?

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-10-25T11:39:17-04:00

If a check correctly written and paid by the bank for $442 is incorrectly recorded in the company's books for $380, this error should be treated on the bank reconciliation as Subtract $64 from the book balance.

An entity's bank account and its financial records are compared in a bank reconciliation statement, which is a summary of banking and business activity. In the statement, the deposits, withdrawals, and other transactions affecting a particular time period are listed. A financial internal control instrument that can be used to prevent fraud is a bank reconciliation statement.

Statements of bank reconciliation confirm the processing of payments and the deposit of cash receipts into the bank. In order to make the necessary adjustments or corrections, the reconciliation statement aids in locating discrepancies between the bank balance and the book balance. Reconciliation statements are normally processed once a month by an accountant.

Learn more about Bank reconciliation, here

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