FA20 - Bank Reconciliation Example

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Module 4 examines bank reconciliations. We learn to prepare, interpret and record the journal entries related to journal entries.

[@Lana-or5dz]

I learn more from your videos than my actual professor.

[@abdullahbrandon7609]

You prolly dont care at all but does any of you know a trick to log back into an instagram account? I somehow forgot the password. I appreciate any assistance you can give me!

[@PunmasterSTP]

How did the rest of your class go?

[@dutchmaster1999]

Same. You pay for tuition but end up teaching yourself the course

[@brndn.vz_]

literally

[@hailey2439]

I don't comment on KZbin videos, But I thought I should to let you know how much I truly appreciate all the work you put into your videos. I am going through school to be a bookkeeper and seeing as it is mostly a remote learning course I struggled before finding your channel. Thank you Tony I truly appreciate you! Wishing you the best

[@PunmasterSTP]

I really appreciate Tony's videos too! By the way, how is your course going?

[@the-jps]

We are approaching the date in the video and yet this holds up still and now my classmates and I are learning from you, and without these videos we would all be failing. Thank you from the bottom of our hearts! 😄

[@onetime3137]

Isn’t it pathetic you pay for a class and the teacher acts like they own the classroom when you pay their salary. Their ability/motivation to teach is severely lacking..

[@user-sj9ri2gh8k]

I am applying to an AP/AR position at my job and bank reconciliation is a part of it. This has helped me to learn all about it! Wish me luck!

[@richgerow3472]

Take note, students, because you will be performing bank reconciliations a lot as an accountant in the real world, and some of them can be incredibly difficult. Solving bank reconciliations for funds with sweep accounts, essentially accounts with hundreds of thousands of dollars worth of activity each month, is definitely the hardest part of my job. It's doable though. Just make sure you pay extra attention to bank-rec problems while you're still in college as they will have great practical use for later on.

[@PunmasterSTP]

That's really good advice, and thank you for sharing!

[@inde6466]

Ty

[@denisehopkins4885]

You are the best...so simple and uncomplicated. Thanks a ton for all your videos. I am planning to sign up to do my CPA and am going through your videos as preparation.

[@PunmasterSTP]

Did you sign up for your CPA?

[@taylordepue5532]

thank you for saving my life. I took too many credits this summer. you are my teacher and you dont even know it! amazing, fun, exactly my style of learning. i have a 95% which is abnormal. class started with 28 students, by week 4 we were down to 8 other than myself. Im rewatching all your videos before my final tomoro morning! i subscribed and will be with you for fall semester for managerial acct. Thank youuu!

[@taylordepue5532]

accounting teachers seem to lack the teacher part. even some of the tutors. freakin amazing. You teach how i would teach. wish there was more. due to covid i wasn't in school classroom therefore unable to share you with others. I got you next semester!

[@Tony-Bell]

Happy to help! - and great job on the 95!

[@PunmasterSTP]

Congrats, and how did the final go?

[@user-cx5wq9rn6e]

@@PunmasterSTP are u a retard or a loser

[@user-er1rd7xh3b]

I just want you to know that you have saved my butt, good sir! I just started my MBA and I have never taken an accounting class, as my undergrad had nothing to do with business. the main problem is that because I am online, my professor has zero lectures for his online class and it has been killing me! Thank you so much for making this so simple!

[@raccoon874]

*Online course structures IN GNERAL are terrible - there was a fantastic one out of University of Waterloo, in Ontario, that I did in 2019 or so, superbly presented and plenty of helpful exercises.*

[@elizabethjoseph6896]

It's very helpful to understand each step of the entries. Thank you Professor Tony

[@dengduang6571]

This gentleman is a genius 👏.

[@dianaasong9358]

you basically open my eyes that accounting is possible.very2 helpful.

[@oliviermortelmans1614]

Hey, man, we got finance exams tmr and me and my friends are all watching your videos. Just wanted to let u know that we really appreciate making our lives easier XD I shall continue reading my notes.

[@PunmasterSTP]

Reconciliation? More like "really good information!" Thanks again for all of these exceptional videos.

[@joelarellano-aguilarelseno1400]

oh man you make this so simple, ha ha ha, I have not practiced accounting for good 20 years, but looking at your samples and the way you teach, makes this so simple, I feel like if I had not left the industry ... thanks

[@ashwinrebbapragada7626]

Thanks for the in-depth analysis. I really appreciate your insights and explanations.

[@336025abC]

Bankers talk about Debits & Credits on these because on a banks end, checking accounts are actually a liability account instead of what we traditionally look at as an asset account.

[@DennisSimplifies]

I love your videos, Tony. They've been of great help!

[@Adrian-cn5rk]

my setup is that of a word problem, this visual is way easier to work with

[@thomasjohn6975]

Very Useful and easy to follow. Its amazing !!

[@oshainross5536]

Your videos have been immensely helpful Mr Bell. I've been trying to become a member of your channel to access the other videos, but I'm not able to. Something seems to be wrong with the link you provided.

[@Tony-Bell]

Thanks so much for your kind words... To join the channel, try this link: kzbin.info/door/NFClg6mzfZ5ixpuH9c7f1Ajoin - I hope it works!

[@matusbohuncak7655]

I have my first Financial Accounting exam in a few hours, if I pass, its thanks to you Tony! I will let you know how did it go -_-

[@Tony-Bell]

Good luck!!

[@nailnagizade3407]

hello, thanks a lot dear Teacher! it really helped me to understand the logic of this topic !God bless you!

[@sheenathomas7665]

Very easy to follow and very good

[@SharanSalwahan-em7cs]

Thank u so much sir

[@troyster28]

Members-only videos with Tony Bell just sounds wrong. This guy so unintentionally funny.

[@Tony-Bell]

Once in a while it's intentional!

[@itachidm7675]

Could you explain why bank collection was added for the book side? is it because of the note receivable aspect? If this was not said would it have been deducted?

[@nicholasbarkley4095]

kayode Matthew If I can help. I believe it is because the adjustment needed to be on the bookkeeping side, not the banks side. We don’t adjust it on the bank side because they were the ones who accounted for the bank collection

[@user-sm1fh1iy4p]

As grateful as ever

[@davida6146]

This is a really great explanation and refresher on the topic! Do you think this can be automated using programming?

[@Tony-Bell]

I could definitely see it happening! Lots of advances in AI and machine learning recently...

[@Manahil97]

Can Someone please help me 😭😭😭i can't balance the statement.. I don't know what am i doing wrong and i dont have much time left to submit my assignment 😭😭😭

[@PunmasterSTP]

I hope the rest of your assignment went well. If you could paste the question or ask a more specific question, other commenters might be able to help.

[@arberbleta5443]

Heyyyy Tonyyy how you doin.. Great video thanks for the help you got a thumbs up from me. 👍

[@accountingforbeginners9210]

I am well impress,well done

[@ikranmuhammad1992]

On the financial workbook pdf, question 4-2A....am i suppose to solve it the same way by ignoring the bank reconciliation for february...or am i suppose to add it to my work with march.

[@xingyilim8846]

Easy to understand, thank you

[@Tony-Bell]

Glad it helped!

[@azizahmadfarewar2662]

Dear Respected SIr-Tony Bell, I hope you are fine and doing well. I would really appreciate it if you could provide the reason, why the ZipFlyer bank account has been Debited by 600 if W. White's bank account had no sufficient fund. I am looking forward to hearing from you in anticipation. Thank you. Aziz

[@bobbyioaloha]

If I can help, it’s because we don’t see the original deposit. The bank doesn’t know if the person has sufficient funds when the check is sent, so it is listed initially as a deposit to the account. However after realizing the check was bad, it will then withdraw the amount back. So we just have the withdraw portion here when the initial deposit could have been made earlier.

[@PunmasterSTP]

@@bobbyioaloha I was curious about the same thing; thank you for clarifying!

[@kiegan923]

What's a cheque?

[@PunmasterSTP]

Take a look here: en.wikipedia.org/wiki/Cheque

[@denisehopkins4885]

Hi Tony...I am having a very challenging time with a bank reconciliation. Mainly because I an not able to do a comparison of bank vs book amounts as the amounts posted in the Gl appears to be posted in a batch and therefore is not reflected on the bank as such. Wouldn't I need some deposit report/report report to make a comparison of what was booked vs what is reported on the bank statement?

[@Tony-Bell]

You ought to be able to find the batch totals somewhere on the bank statement - so the batches in the GL ought to match up. When they don't the whole batch will be outstanding...

[@denisehopkins4885]

@@Tony-Bell this wasn’t a good experience for me as I was stuck doing some of the Recs as I needed a deposit report in order to identify the deposits as it was not clear when I tried matching book to bank. Made me feel like I needed more practice?

[@Tony-Bell]

@@denisehopkins4885 I'm sorry to hear that. If it's something you do regularly, it will no doubt get easier with practice. It sounds like you were up against a bank rec that was much more difficult and technical than I would teach in my intro class!

[@mohammadsallam9413]

15:50 How do we know who booked the amount correctly. How do we know if 468 or 486 was the actual amount.

[@Tony-Bell]

When you write a cheque, the bank gives you a copy with your bank statement. So you would look at the copy of the cheque and see what number you actually wrote - then you can figure out if you messed it up in your journal entry, or if the bank messed it up. (My bank does this digitally, so when I write a cheque, I can click a link in my online banking and see it!)

[@men6638]

Prof. Thank you so much for the videos. I had a question The bookkeepers error can be Accounts Receivable but can it be Accounts payable also sometimes if it happens?

[@Tony-Bell]

Yes!

[@aydumatic]

u da man

[@antoinettedarbe-cg8dx]

How to get my account free so I can use my new credit card. Every time I. Go to stop payment systems the current credit card has been has been cancelled due a Hatcher . Can you help me 6:53 6:55

[@Dailycutecats]

Ohh