BANK RECONCILIATIONS (PART 1)

This video introduces the concept of Bank Reconciliations and explains some factors that may account for a difference between the cashbook balance and the bank statement balance.

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In summary
Factors that cause difference in the balances of the Cash book and Bank Statement are:
1. Unpresented cheque
2. Uncredited cheque
3. Standing order
4, Credit transfer
5. Bank charges
6. Bank interest (goes both way)
7. wrong debit
8. Wrong credit
9. Errors (goes both ways)

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I didn't know until today why cashbook is a debit and on bank statement is a credit and vise versa. That's so informative.

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