ACC 11 TERM 1 WEEK 1- 3 Reconciliations


TOPIC . Reconciliations

Reconciliation of bank statements with cash journals in order to
prepare bank reconciliation statements:
• outstanding deposits
• cheques not yet presented for payment
• stop/debit orders
• direct transfers
• bank charges
• interest received or charged
• correction of errors or omissions
• cheques R/D or cancelled
• post-dated cheques received/issued.
Reconciliation of statements received from creditors with
accounts in Creditors’ Ledger of a business in order to prepare
creditors’ reconciliation statements:
• outstanding invoices or credit notes
• outstanding payments
• discounts not recorded
• correction of errors or omissions.
Integration of issues of internal control
Integration of ethical issues