Real life scenario

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Gdh
Gdh Registered Posts: 6
in Bookkeeping Controls
Hi everyone. I’m trying to get my head around reconciling the cash book in the real life scenario but I am stuck. AAT don’t seem to elaborate on reconciling the cash book as it looks like it is done differently then the other control accounts.

In the file I have attached it shows the calculation of Outstanding transactions (debit side) 327.40 and 154.30 in the debit side, and 481.50 on the credit side on the example. I can see the two debit side values on the bank statement but where is the value 481.50?!?!?

My question is, where did this 481.50 come from???

The only thing I can come up with is, is it supposed to be the two debits added up but written down incorrectly?

Thank you.

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  • Pian32
    Pian32 Registered Posts: 474 Dedicated contributor 🦉
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    From what I can see it is not a credit but is meant to be the sum of the debits.

    It doesn't match for some reason but think of it as a sub total for the change needed.
    AAT Level 4, MAAT
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  • 21rhysward
    21rhysward Registered Posts: 2 New contributor 🐸
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    Hi. There is no debit or credit side as such on the bank reconciliation statement.

    You simply work from the bank statement balance to the cashbook balance by taking off unpresented cheques and adding on outstanding lodgements - or vice versa depending on if you start off the other way around.

    That figure in the right hand column is usually the total figure for that section.

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