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Demand deposit current account or checking account or commercial deposits are covered by
deposit slips and where funds are withdrawable on demand by drawing checks against the bank.
(non-interest bearing).
Saving deposit depositor is given a passbook upon the initial deposit. Required when making
deposits and withdrawals. (interest bearing)
Time deposit evidenced by formal agreement embodied in an instrument called certificate of
deposit. (interest bearing)
Bank reconciliation:
A statement which brings into agreement the cash balance per book and cash balance per bank. It
shows cash balance per bank at the beginning, deposits acknowledged, checks paid, other charges and
credits and the daily cash balance per bank during the month.
Canceled checks - Checks issued by the depositor and paid by the bank during the month. Literally
canceled by stamping or punching to show that they have been paid.
Reconciling items:
Credit memos
Debit memos
Errors
Deposits in transit
Outstanding checks
Errors
Credit memos
Deposits credited by the bank to the account of the depositor but not yet recorded by the depositor as
cash receipts. Increasing bank balance
Debit memos
Checks paid by the bank which are charged or debited by the bank to the account of depositor but not
yet recorded by the depositor as cash disbursements.
Deposits in transit
Collections already recorded by the depositor as cash receipts but not yet reflected on the bank
statement.
Outstanding checks
Checks already recorded by the depositor as cash disbursements but not yet reflected on the bank
statement.
Adjusted balance method book balance and bank balance are brought to correct cash balance
Book to bank method book balance is reconciled with the bank balance or the book balance is
adjusted to equal the bank balance.
Bank to book method - bank balance is reconciled with the book balance or the bank balance is
adjusted to equal the book balance.
Book balance xx
Total xx
Bank balance xx
Total xx
Book balance xx
Total xx
Deposits in transit xx
Bank balance xx
Bank balance xx
Debit memos xx
Total xx
Credit memos xx
Bank balance xx