Why Bank reconciliation?
Deposits in transit are amounts already received and recorded by the company, but are not yet recorded by the bank.
Outstanding checks are checks that have been written and recorded in the company's Cash account, but have not yet cleared the bank account.
Bank errors are mistakes made by the bank
Bank service charges
An NSF check is a check that was not honored by the bank of the person or company writing the check because that account did not have a sufficient balance
Configuration:
SM34; VC_T028
Define Account Symbol:
SM30; V_T028H
GL account master data:
After posting Bank Reconciliation Statement, an entry was generated to clear the open item of clearing account
Dr 112101 - Clearing account
Cr 112200 - Bank
Deposits in transit are amounts already received and recorded by the company, but are not yet recorded by the bank.
Outstanding checks are checks that have been written and recorded in the company's Cash account, but have not yet cleared the bank account.
Bank errors are mistakes made by the bank
Bank service charges
An NSF check is a check that was not honored by the bank of the person or company writing the check because that account did not have a sufficient balance
Configuration:
SM34; VC_T028
Define Account Symbol:
SM30; V_T028H
GL account master data:
After posting Bank Reconciliation Statement, an entry was generated to clear the open item of clearing account
Dr 112101 - Clearing account
Cr 112200 - Bank
