This video introduces the concept of Bank Reconciliations and explains some factors that may account for a difference between the cashbook balance and the bank statement balance.
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In summary Factors that cause difference in the balances of the Cash book and Bank Statement are: 1. Unpresented cheque 2. Uncredited cheque 3. Standing order 4, Credit transfer 5. Bank charges 6. Bank interest (goes both way) 7. wrong debit 8. Wrong credit 9. Errors (goes both ways)
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I have never meet the accounting lecturer like you, am a second year student... you have helped me a lot...l really thank you so much, may God bless you 🙏 am from zambia
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Oh God I don't knw how much I should tell Gid to bless u ... yo the best teacher... I wish all my classmates can use u... we are always confused .. but thank Gid am now ready for my papars
Is there a need to prepare a monthly BRS if you have internet banking services which feeds you with timely transaction details to help you update your cash book ?
@@FOGAccountancyTutorials how would record the following. hello I have a concern. how do I treat this in bank reconciliation account. 1: the bank charged another customer on the cheque I had issued to the bank. 2: my deposit to the bank was credited to another customers account
Rarely comment bt today this is best presentation ever.Ur helping alot.ur explanation is ver clear to understand.may God bless you teacher.Am going to follow all ur vedeos to learn alot from u..am Uganda bt i highly appreciate ur effort.
Fog I don't really know how to express my Gratitude's to u because if it wasn't u like by now my accounting will always be in a mess , thank u so much I'm much grateful,and ur good teachings both F.A and Costing
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For uncredited cheques , should the biz debits it's cash book upon receiving those cheques or when the bank actually credits the chq? Atleast we bare in mind that chqs can bounce......
Lol I love the part where for the wrong credit the totoural laughed before saying that an amount that doesn't belong to you can just come into your account bash! 😅😂❤
Just got to know about you sir yesterday 23/4/2024 and I have a paper on 4th/5/2024 but from now upto that day I'll have some time with your tutorials and I believe I'll make it
Thank you for the tutorial. Am From Nigeria 🇳🇬 and I've a question? On the cash book you wrote cash of 600 on the credit side of the cash book but you wrote down 500 on the debit side of the Bank Reconciliation statement. I just want to know why is it so?
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In summary
Factors that cause difference in the balances of the Cash book and Bank Statement are:
1. Unpresented cheque
2. Uncredited cheque
3. Standing order
4, Credit transfer
5. Bank charges
6. Bank interest (goes both way)
7. wrong debit
8. Wrong credit
9. Errors (goes both ways)
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You are really the best teacher ever... I respect your work man... You deserve more than just a subscription bro.. God bless you for real... Thank you.
I have never meet the accounting lecturer like you, am a second year student... you have helped me a lot...l really thank you so much, may God bless you 🙏 am from zambia
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It is because of sir am a proud accountant full of confidence and very proud am so grateful for you sir I manged to clear all my courses because if your videos....
May God reward you more than u deserve 🙏🇿🇲🇿🇲🇿🇲🇿🇲
I didn't know until today why cashbook is a debit and on bank statement is a credit and vise versa. That's so informative.
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Is there a need to prepare a monthly BRS if you have internet banking services which feeds you with timely transaction details to help you update your cash book ?
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@@FOGAccountancyTutorials how would record the following.
hello I have a concern.
how do I treat this in bank reconciliation account.
1: the bank charged another customer on the cheque I had issued to the bank.
2: my deposit to the bank was credited to another customers account
pliz upload a video on how to update the cashbook reconciliation in journal entries
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Rarely comment bt today this is best presentation ever.Ur helping alot.ur explanation is ver clear to understand.may God bless you teacher.Am going to follow all ur vedeos to learn alot from u..am Uganda bt i highly appreciate ur effort.
Fog I don't really know how to express my Gratitude's to u because if it wasn't u like by now my accounting will always be in a mess , thank u so much I'm much grateful,and ur good teachings both F.A and Costing
Wow, you're a Chartered Accountant. No wonder you're so good. My border friend at school watches your videos and recommends it to me. But my dad is also a Chartered Accountant but he doesn't have enogh time for me as I want so I'm subscribing to you now!!
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For uncredited cheques , should the biz debits it's cash book upon receiving those cheques or when the bank actually credits the chq? Atleast we bare in mind that chqs can bounce......
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Lol
I love the part where for the wrong credit the totoural laughed before saying that an amount that doesn't belong to you can just come into your account bash! 😅😂❤
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Just got to know about you sir yesterday 23/4/2024 and I have a paper on 4th/5/2024 but from now upto that day I'll have some time with your tutorials and I believe I'll make it
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Thank you for the tutorial. Am From Nigeria 🇳🇬 and I've a question? On the cash book you wrote cash of 600 on the credit side of the cash book but you wrote down 500 on the debit side of the Bank Reconciliation statement. I just want to know why is it so?
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