Cash is always one of the most important resources in any organization. The bookkeepers have intense pressure to keep cash at bank balance up to date. The bookkeepers often struggle to match up the cash book balance and bank statement balance.
This course explains the methodology and art of bank reconciliation. Where you learn from the scratch to expert level that how to prepare, maintain, develop and most important reconcile cash book and bank statements. Plus, how to report the cash figures in financial statements.
Moreover, the trainees usually do have knowledge about the subject matter but they fail to apply that in the real-life scenarios. This course helps to apply your knowledge in most complex bank reconciliation real life scenarios and to make you PRO bookkeeper.
Course Key Concepts: Bank Reconciliation, Bookkeeping, Accounting, Accountancy, CPA, ACCA, Financial, Accountant, Bookkeeper, Cashbook, Bank Statement, Training.
Prerequisites
The basic bookkeeping knowledge is required.
Learning Objective
- Explore the purpose of reconciliation of the bank ledger account to the corresponding bank statement.
- Identify errors and omissions in the bank ledger account and bank statement.
- Identify timing differences.
- Explore the methodology to make the correcting entries in the bank ledger account.
- Learn the reconciliation between the bank statement balance and the corrected bank ledger account.
- Identify the bank balance to be reported in the final accounts.
Last updated/reviewed: March 10, 2024
(1) Reviews
(56 rating)
I would not recommend any American CPAs take this course. The terminology used is quite a bit different and all of the bank rec examples were set up so that you need to figure out what the beginning bank balance was. I can only assume that is so you have to think through what the transaction is doing so you can "undo it" to work backwards to a beginning bank balance because otherwise it would make no sense as a real life scenario. Also one of the exam questions was missing all the information needed.
Lesson Questions and Answers0 Questions
INTRODUCTION AND OVERVIEW
- Course Introduction and Preview 7:02
- The Bank Reconciliation Concept 12:39
- Purpose of Bank Reconciliation 12:10
- Methodology of Bank Reconciliation 12:32
- Common Errors and Adjustments 18:54
- Importance of Internal Control 14:58
- Example One 8:45
- Example Two 10:20
- Example Three 5:24
- A Comprehensive Case Study 17:36
CONTINUOUS PLAY
SUPPORTING MATERIAL
- Slides: Bookkeeping: The Bank Reconciliation PDF
- Bookkeeping: The Bank Reconciliation Glossary/ Index PDF
- Examples and Case Study XLSX
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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