He is up to date on all vaccines and is meeting all developmental milestones. Today, the vital signs include: temperature 39.0☌ (102.0☏), blood pressure 100/65 mm Hg, heart rate 110/min, and respiratory rate 30/min. His left ear is tender and appears red and irritated. Examination with an otoscope reveals a swollen canal and a bulging tympanic membrane.
Highlight any transactions in the cash book that are not on the bank statement. Highlight any transactions on the statement that are missing from the cashbook, or Go back through the reconciliation/cash book for the previous month and check them against the bank statement. If you have already found the problem you can skip this part.To find the problem, you need to go through the previous month's cash book and bank statement.(Remember that the actual bank statement will always have the right closing balance so any issues or adjustments will be found and made in the cash book or reconciliation.)
Step 2 Question Bank Software Automatically Include
If for some reason you cannot do this, try the following:-Undo the completed reconciliation for last month, enter in the missing transactions, redo the reconciliation but please note:- Once you know exactly what has caused the opening balances to differ, you can move on to making the adjustments.If you are using specialized bookkeeping software (like Quickbooks, MYOB, Sage etc.) the best thing to do is call their support line and ask them to guide you through fixing the problem or search through their on-line guide for an answer. If the previous month has nothing wrong you may need to check further back to older months. The part that has ‘’add: outstanding withdrawals, less outstanding deposits’ – check the example on my bank reconciliation statements page (This will only apply to manual bookkeeping because most bookkeeping software automatically include these entries)
The disadvantages of this are:- Even though these items are not on the current month’s bank statement you can still bring them in so that the closing balance of the reconciliation matches the bank statement. In this case, do Step 2 below.Enter the missing transactions from last month’s cash book into the current month of the cash book (use the date of the opening balance) and include them in your bank reconciliation for the current month. Some bookkeeping software will lock a month that has been reconciled and so will not allow you to undo the reconciliation or make any adjustments in the previous month. If you don’t know what this means then chances are you don’t have to process this kind of tax in your country so don’t worry about it! But check with your local tax department to be sure.
A handwritten cashbook, or excel spreadsheet, you should easily be able to go back through the previous month and do the necessary adjustments to ensure the closing balance matches the bank statement. You should write out a note explaining what occurred and attach it to the back of the bank reconciliation so that if you have to look back at it later in the year you will be reminded of how it happened and what you did to fix it.If you are using a manual bookkeeping system i.e. The closing balance of last month and the opening balance of the current month being reconciled will still be wrong, but the closing balance of the current reconciliation month will be right, which is what you want.
The accountant will be able to journal these transactions back into the correct financial year in his/her system for tax purposes, or Process the current reconciliation as per Step 2 above under “Bookkeeping Software” so that this month’s closing balance matches the bank statement, but make a special note to tell the accountant who processes your end of year accounts and tax. If the wrong closing balance of last month happens to be the last day of the financial year and you are unable to undo the reconciliation or unlock last month to fix it, do any of the following:-
If there are differences on that final day, he will want to know why, so you may as well let him know up front instead of waiting for him to contact you. Contact your tax accountant and ask him/her what they want you to do.Note : One of the first things an accountant does at the end of the year is to check your cash book closing balance and reconciliations against the bank statement for the final day of the end of the financial year.
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