anonymous
  • anonymous
On a bank reconciliation, deposits added to the bank side are called
Mathematics
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katieb
  • katieb
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amistre64
  • amistre64
why would we be adding deposits to the bank side to begin with?
amistre64
  • amistre64
i dont know the specific vocabulary for it ... but you might since you are taking the course
UsukiDoll
  • UsukiDoll
that could either be debits or credits. I know in accounting debits means that we are putting money in and credit means that money is being taken out . the general formula is assets = liability + owner's equity the debits, assets, must equal credits, liability + owner's equity It's in reverse for banking institutions. that formula isn't applied at all. credit is going in and debit is going out.

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amistre64
  • amistre64
i dont recall that setup being in my reconciliation portion. the deposits that have not done thru (the bank hasnt recognized them as transactions yet) have already been accounted for in your own register. To reconcile the differences between the banks records and your own: you have to subtract the fees and add the interests to your own register that the bank has worked. You also have to subtract the checks not cleared and add in the deposits not taken to the bank side. what you call them tho i hae no idea.

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