Today, you’ll learn everything about deposit in transit ending formula.Things you need:Book debits (accounting record)Bank statement credits (deposits recorded by a bank)Previous months...

Want to learn whether the bank reconciliation is complete?Read on.This tutorial shows the most common ways to determine when the bank reconciliation is complete. For instance, it describes...

Today, you will learn why bank reconciliation is important to the audit.An audit engagement is not completed unless substantiation of cash is done. First, all Cash in the Bank balances should be...

Ready to learn why do outstanding checks occur at Month-End?This tutorial will describe the five most common reasons. First, the reasons are not listed based on their importance. Each of the...

Today, you'll learn how to reconcile deposits in transit.Deposits in transit (DITs) take time to reconcile. First, book and bank records have no common references. The reconciler could not use...

Generally, outstanding checks (OCs) are not added to the Cash book balance. First of all, they are valid check disbursements of an organization but have not yet cleared in a bank. The checks are duly...