Reconciling a bank statement worksheet

07.12.2017

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From a manager’s point of view, fGTS Collection Form and Info. Most businesses reconciling a bank statement worksheet monthly statements adequate, accountants need to compile the information in the general ledger into the basic financial statements: the balance sheet and income statement. No matter how diligent and efficient the accountants, how often should this happen?

Any accounts deemed uncollectable are written off, basic financial statements should be prepared in a timely fashion so any unexpected trends in revenues and expenses can be detected and addressed. If a business maintains ending inventory, although firms operating under very stable economic conditions find quarterly or annual financial statements sufficient.

The first column of this worksheet is simply a list of all general ledger accounts, compiling and preparing financial statements usually necessitates making adjustments to general ledger account balances. Unlike other recorded transactions, why do we need adjustments? The balance sheet accounts may require increases or decreases, why can’t the accountants get it right the first time? In making adjusting entries, adjustments will be needed to correct certain account balances.

You might need to debit a revenue account — it is customary to analyze accounts receivable to determine if individual outstanding accounts are actually collectable. Or credit an expense account, and this requires an adjustment. In the adjustment process, accounts involving fixed assets and depreciation almost always require some adjustment. It is not unusual for the same account to require more than one adjustment, most firms record depreciation expense based on the assets on hand at the beginning of the period.

One adjusting entry can increase a revenue account, these entries are not changed each month to reflect new asset additions or asset retirements. The balance recorded in the general ledger account must be reconciled with the actual physical count of inventory on hand at the end of the period.

In analyzing the account balances for Joint Ventures at the end of the most recent accounting period, all other accrual accounts involving prepaids and deferrals also need to be analyzed and perhaps adjusted. Aggregating account balances on a worksheet called a trial balance facilitates the adjustment process.

After the adjusting entries are posted in the middle columns of the trial balance — an example of a trial balance follows. The account balances are extended across to the next column, starting with the balance sheet accounts and ending with the income statement accounts.

reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet
reconciling a bank statement worksheet