help plz - bank reconciliation
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heyy
little confused over a question on bank reconciliation, thought i had it but was looking at question 70 in the diploma work book-chapt 21 -FTC BOOKS, i can see what they have done but don't really understand why they have put a receipt entry as less and added a payment entry? if anyone doing the same pathway and has the workbook i would appreciate your help, probably a very basic answer but still a lil confused
thanks
little confused over a question on bank reconciliation, thought i had it but was looking at question 70 in the diploma work book-chapt 21 -FTC BOOKS, i can see what they have done but don't really understand why they have put a receipt entry as less and added a payment entry? if anyone doing the same pathway and has the workbook i would appreciate your help, probably a very basic answer but still a lil confused
thanks
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Re:help plz - bank reconciliation
Is the opening balance overdrawn?0 -
Re:help plz - bank reconciliation
The payment figure is possibly more because of added on outstanding cheques. If you have worked out that there are outstanding cheques for the current year then you take these from the c/f balance and add them onto the payments figure in your bank account. If the banking figure is less it could either be that there was an outstanding banking from the previous year or the banking figure isn't right.
Hope that helps
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