Which of the following items are reconciling items?
Which of the following items are reconciling items on the book side of the reconciliation?
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Bank reconciliations are necessary for any business to prepare to ensure the books are accurately reflecting cash balances. This article defines bank reconciliation and takes you through its six basic steps. Table of Contents A bank reconciliation is a schedule that illustrates the differences between the balance on the statement provided by the bank and the balance on the books of the organization at the end of a given period. Most bank statements are issued on a monthly basis; however, this can be complicated by the fact that the bank statement date may not coincide with the end of the period for the organization. For example, the bank may issue a monthly statement each month on the 20th, but companies typically close their accounting books on the last day of each month. Even if the bank statement does coincide with the accounting period end, there will be items that cause differences in the balances. These are referred to as reconciling items. Here are some other terms related to bank reconciliation that you should know: Reconciling items are the reasons the bank and book balances differ and also may be used to make corrections to any errors in the book balance. Deposits in transit are deposits that were made after the bank statement was issued, but have been recorded on the books. Outstanding checks are checks that have been written and recorded on the books, but have not yet been cashed or have not cleared the bank. NSF (non-sufficient funds) checks are those that were deposited to the bank, but subsequently were returned to the bank for nonpayment. The bank may have originally credited the customers account for checks included in a deposit. When the check is not honored, the bank notifies the customer and reduces the bank balance. Bank fees are charges the that show up on the bank statement and will need to be adjusted for in the business books. Interest Income is an increase in the bank balance for any interest earned on the account. Errors can be made either by the bank or the customer. Some reconciling items require adjustments to the book balance with an actual entry and some do not. Those that do not require adjustments are simply listed on the bank reconciliation and will be removed from the next month's reconciliation because they are really timing differences. Items that do not require adjustments:
Items requiring adjustments:
Bank reconciliation stepsStep 1Review the prior month's bank reconciliation looking for any outstanding checks or deposits in transit that are now included in the current bank statement. Any outstanding checks that have still not cleared the bank will need to remain on the outstanding check list portion of the bank reconciliation. Any deposits in transit that do not appear on the bank statement will remain reconciling items, but will need to be researched with the bank. Step 2Identify any current outstanding checks by comparing all checks that appear on the bank statement against the checks issued and recorded on the company's books. Add any newly issued checks since the last statement that have not yet cleared the bank. Step 3Identify any current deposits in transit by comparing the deposits on the current bank statement to deposits recorded on the books. means large items of a household nature including but not limited to furniture, stoves, mattresses, bed springs, barrels, water tanks, dishwashers, oil tanks, and pieces of fencing. has the meaning set forth in Section 2.3(b). means such items (i) as are reasonably necessary or appropriate to fully complete the construction, equipping and furnishing of the Hotel in accordance with this Contract and (ii) that, unless otherwise agreed by Buyer in its sole discretion, (a) individually and in the aggregate do not and will not prohibit, cause a delay in or otherwise adversely affect, under applicable Legal Requirements, the Franchise Agreement or otherwise, the opening of the Hotel for business to the public or the continued occupancy and operation of the Hotel as contemplated under the Brand and (b) may be corrected or completed, subject to delays caused by Force Majeure, within not more than sixty (60) days. means the finished goods or services which are intended for export from the United States, as specified in Section 4(A) of the Loan Authorization Agreement. means those items that are described in Section 3. means coordination of premium tax credit with advance payments of premium tax credit (APTC), as described in Section 36B(f) of IRC (26 USC § 36B(f)) and 26 CFR Section 1.36B-4(a). means any items which the Committee determines shall be excluded in fixing Performance Goals, including, without limitation, any gains or losses from discontinued operations, any extraordinary gains or losses and the effects of accounting changes. means all net rents, proceeds, revenue and other income derived by the City by virtue of any lease, sale, conveyance or other disposition of any part of the Project, plus all sums received by the City as a result of damage to or destruction or condemnation of the Project, but shall not mean any part of the Tax Revenue. means revenues derived from the service of Project Water to Contractors and others, and from the sale or other disposal of electrical energy generated in connection with operation of Project Facilities. format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally. refers to the Reconciliation Report as referenced in s. 3 of Reg 264/07 under LHSIA. means the costs to the health maintenance organization for health care services that are the obligation of the health maintenance organization, for which a covered person may also be liable in the event of the health maintenance organization’s insolvency and for which no alternative arrangements have been made that are acceptable to the commissioner. within the meaning of the no-action letter dated May 20, 1994 issued by the Division of Corporation Finance of the Commission to Xxxxxx, Xxxxxxx Acceptance Corporation I, Xxxxxx, Peabody & Co. Incorporated, and Xxxxxx Structured Asset Corporation and the no-action letter dated May 27, 1994 issued by the Division of Corporation Finance of the Commission to the Public Securities Association (together, the "Xxxxxx Letters"), the filing of which material is a condition of the relief granted in such letter (such materials being the "Computational Materials"), and (ii) "Structural Term Sheets" within the meaning of the no-action letter dated February 17, 1995 issued by the Division of Corporation Finance of the Commission to the Public Securities Association (the "PSA Letter"), the filing of which material is a condition of the relief granted in such letter (such materials being the "Structural Term Sheets"). Each delivery of Computational Materials and Structural Term Sheets to the Company pursuant to this paragraph (a) shall be effected by delivering four copies of such materials to counsel for the Company on behalf of the Company at the address specified in Section 3 hereof and one copy of such materials to the Company. means a report substantially in the form of, and containing the information called for in, the downloadable form of the "Operating Statement Analysis Report" available as of the Closing Date on the CMSA Website or in such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage-backed securities transactions generally. means, with respect to any particular Bonds and Auxiliary Obligations, an Authority Certificate (a) setting forth, for the then current and each future Bond Year during which such Bonds and Auxiliary Obligations will be Outstanding, and taking into account (i) any such Bonds expected to be issued or redeemed or purchased for cancellation in each such Bond Year upon or in connection with the filing of such Certificate, (for which purpose, if such Authority Certificate is delivered as of a date prior to a scheduled mandatory tender date for any Adjustable Rate Bonds, the Purchase Price of all such Adjustable Rate Bonds subject to mandatory tender on such tender date shall be assumed to be due and payable on such mandatory tender date), (ii) any such Auxiliary Obligations expected to be incurred upon or in connection with the filing of such Certificate, (iii) the interest rate, purchase price, discount points and other terms of any Related Mortgage Loans, and (iv) the application, withdrawal or transfer of any moneys expected to be applied, withdrawn or transferred upon or in connection with the filing of such Certificate: has the meaning set forth in Section 7.9 of this Agreement. is each calendar month. means items for which approximate quantities have been included in the tender documents. The monthly report in the “Operating Statement Analysis Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally. means all revenues derived from the sale or rental of Guest Rooms (both transient and permanent) of the Hotel, including revenue derived from the redemption of points or rewards under the loyalty programs in which the Hotel participates, amounts attributable to breakfast (where the guest room rate includes breakfast), Mandatory Guest Fees, late cancellation fees, and guaranteed no- show revenue and credit transactions, whether or not collected, at the actual rates charged, less allowances for any Guest Room rebates and overcharges, and will not include taxes collected directly from patrons or guests. Group booking rebates, if any, paid by you or on your behalf to third-party groups for group stays must be included in, and not deducted from, the calculation of Gross Rooms Revenue. means any data that enables any person to access a customer’s or donor’s account, such as a credit card, checking, savings, share or similar account, utility bill, mort- gage loan account, or debit card. means any item which is in italics in this Collective Agreement. A report substantially in the form of, and containing the information called for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally. What are the reconciling items?A reconciling item is a transaction or other entity representing a difference between your general ledger balance and the source documentation being compared. When you prepare your reconciliation, you adjust the balance from one source by those reconciling items to arrive at the balance of the other source.
Which of the following items are reconciling items on the bank side?Answer and Explanation: The correct answer is c. deposit in transit and outstanding checks. While reconciling the bank balance, we add deposit in transit and subtract outstanding checks.
What are reconciling items on a balance sheet?A traditional bank reconciliation performed monthly will reconcile the balance per the general ledger to the balance per bank. Reconciling items typically include: deposits in transit at month end, bank fees not recorded on the general ledger, and outstanding checks not yet recorded by the bank.
What are three examples of reconciliation records?Given below are some other reconciliation types that we normally come across in the financial world.. Credit card reconciliation. Credit card reconciliation is similar to bank account reconciliation. ... . Balance sheet reconciliation. ... . Cash reconciliation.. |
