AccountingCode 7707
Bank reconciliation
What this topic asks you to be able to do
- how a bank statement is used and what it is for
- how to bring the cash book up to date by entering standing orders, direct debits, credit transfers, bank charges, bank interest paid and received, and corrections of errors
- why a bank reconciliation statement is drawn up and how it is put together, including bank errors, uncredited deposits and unpresented cheques
- how digital business transactions affect the bank reconciliation process