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BANK RECONCILIATION Reconciling Items

1. Book reconciling items:


a. Credit memos
There are three kinds of bank deposits, namely: b. Debit memos
c. Errors
Demand Deposit – this is the current account or 2. Bank reconciling items:
checking account or commercial deposit where a. Deposits in transit
deposits are covered by deposit slips and where b. Outstanding checks
funds are withdrawable on demand by drawing c. Errors
checks against the bank.
CREDIT MEMOS
Saving Deposits – the depositor is given Refer to items not representing deposits credited
passbook/ATM card upon the initial deposit. The by the bank to the account of the depositor but
passbook is required when making deposits and not yet recorded by the depositor as cash
withdrawals. receipts. The credit memos have the effect of
increasing the bank balance.
Time Deposit – this is like saving deposit in the A. Notes receivable collected by the
sense that it is interest bearing. bank in favor of the depositor and
credited to the account of the
What is bank reconciliation? depositor.
A bank reconciliation is a statement which B. Proceeds of bank loan credited to
brings into agreement the cash balance per book the account of the depositor.
and cash balance per bank. It is usually prepared C. Matured time deposits transferred
monthly because the bank provides the depositor by the bank to the current account of
with the bank statement at the end of every the depositor.
month.
DEBIT MEMOS
A bank statement is a monthly report of the bank Refer to items not representing checks paid by
to the depositor showing the cash balance per the bank which are charged or debited by the
bank at the beginning, the deposits bank to the account of the depositor but not yet
acknowledged, the checks paid, other charges recorded by the depositor as cash disbursements.
and credits and the daily cash balance per bank The debit memos have the effect of decreasing
during the month. the bank balance.
A. NSF or No Sufficient Fund checks
 Bank statement is the exact copy of the these are checks deposited but
depositor’s ledger in the records of the returned by the bank because of
bank insufficiency of fund. It is also known
 When the bank statement is received, as DAIF or “drawn against insufficient
attached thereto: fund”.
o Depositor’s canceled checks B. Technically defective checks these
 Canceled checks are issued are checks deposited but returned by
by the depositor and paid the bank because of technical defects
by the bank during the such as absence of signature or
month. They are literally countersignature, erasures not
canceled by stamping or countersigned, mutilated checks,
punching to show that they conflict between amount in words and
have been paid. amount in figures.
o Debit/Credit memoranda C. Bank service charges these include
bank charges for interest, collection,
checkbook and penalty
D. Reduction of loan this pertains to the PROFORMA FOR BANK RECONCILIATION
amount deducted from the current
account of the depositor owes to the 1. ADJUSTED BALANCE METHOD
bank and which has already matured.
Book balance xx
DEPOSITS IN TRANSIT Add: Credit memos xx
Are collections already recorded by the depositor Total xx
as cash receipts but not yet reflected on the bank Less: Debit memos xx
statement.
A. Collection already forwarded to the Adjusted book balance xx
bank for deposit but too late to appear
in the bank statement. Bank balance xx
B. Undeposited collections or those still in Add: Deposit in transits xx
the hands of the depositor. Total xx
Less: Outstanding checks xx
OUTSTANDING CHECKS
Are checks already recorded by the depositor as Adjusted bank balance xx
cash disbursement but not yet recorded on the
bank statement. 2. BOOK TO BANK METHOD
A. Checks drawn and already given to
payees but not yet presented for Book balance xx
payment. Add: CM xx
B. Certified checks – is one where the Outstanding checks xx xx
bank has stamped on its face the word
“accepted” or “certified” indicating Total xx
sufficiency of fund. Less: DM xx
DIT xx xx
Forms of bank reconciliation
Bank balance xx
A. Adjusted balance method – under this
method, the book balance and bank 3. BANK TO BOOK BALANCE
balance are brought to a correct cash
balance that must appear on the balance Bank xx
sheet. Add: DIT xx
B. Book to bank method – under this DM xx xx
method, the book balance is reconciled
with the bank balance or the book balance Total xx
is adjusted to equal the bank balance. Less: Outstanding checks xx
C. Bank to book method – under this CM xx xx
method, the bank balance is reconciled
with the book balance or the bank balance Book balance xx
is adjusted to equal the book balance.