Bank reconciliations Flashcards
1
Q
what is a bank transaction report?
A
its a source document that details all deposits and withdrawals
2
Q
what happens to unmatched transactions?
A
they are recorded in a temporary suspense account
3
Q
what are reasons why differences occur?
A
timing diff, omissions, transposition, casting, errors by bank (rare)
4
Q
are Dr/Crs recorded the same way from the bank’s POV?
A
no- its the other way round
