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...
Posts by Jason Wethe
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...
This is a complete guide on how to use a bank reconciliation statement.Non-accountants and non-bookkeepers usually do not use bank reconciliation statements fully. For instance, they might have...
This is a complete guide to testing outstanding checks.The testing of outstanding checks ensures a bank reconciliation statement is accurate. For instance, an auditor usually performs tests on a...
Today, you’ll learn what happens if you have an outstanding check.Generally, having several outstanding checks does not constitute a set of accounting problems. Indeed, various sets of checks...
Today, you’ll learn are deposits in transit considered cash.Summary:Cash was already received and deposited into a bankCheck payments were deposited on the last banking day of the...