A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • one year ago

On a bank reconciliation, deposits added to the bank side are called

  • This Question is Open
  1. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    why would we be adding deposits to the bank side to begin with?

  2. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i dont know the specific vocabulary for it ... but you might since you are taking the course

  3. UsukiDoll
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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.

  4. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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.

  5. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.