00:01
In this example, you asked me to discuss which of the following reconciling items listed would require an entry in the company's book accounts.
00:09
This means that the transaction would be known by the bank, but not by the book.
00:16
So let's go through each of these.
00:18
Bank service charge.
00:20
Yes, this would require reconciliation on the books because the banks knows this, but the books doesn't.
00:32
Check of a customer returned by the book's.
00:34
The bank because of insufficient funds.
00:37
This would also need to be reconciled on the books because the bank knows that this has bounced, but we haven't adjusted for that yet.
00:48
Check for 320, incorrectly recorded by the company, as $230.
00:55
This would also need a reconciliation on the book because we recorded it at the wrong amount, a difference of $90.
01:05
Check for $1 ,100, including, incorrectly charged by the bank as 110...