How to perform a bank reconciliation

Sept 2019 - a new vide on bank reconciliations is here (and without the squeaky marker)
• How to perform a basic...
Your cash journal $ and your bank statement $ don't match? A bank reconciliation is the way to go! Review how a bank reconciliation is performed and learn about what you might consider when auditing a client's bank reconciliation.

[@amandalovestoaudit]

A new bank reconciliation video is finally here (only took me 7 yrs to make another one)! And no squeaky marker :) kzbin.info/www/bejne/hpDce2SZd9mDjc0

[@louise4165]

Thank you for taking the time to provide us with this very helpful and clear explanation.

[@ryvr.]

omg I got a job and I have to do this I'm mad confused like

[@mitchellhall94]

The squeaky marker is a real liability...

[@BANHMIZON]

haHAA

[@afrasm2478]

how is it a liability.. i thought it is an asset ...

[@afrasm2478]

@Kenaley 1 ohh right. I get the balance sheet part and it being an asset. But why liability on income statement. What are we considering the marker to be

[@afrasm2478]

@Kenaley 1 oh. Right. Thanks kenaley

[@messiahscent]

You give the squeaky marker too much credit

[@coughdrop650]

what everyone be being mean bout pen n stuff wen i personally found the video quite useful.Thank you so much .

[@Mommientertains]

Thanks a lot. Pen is an issue to dumb people.

[@muratkisa]

Can you never use such a pen again. The noise is sending shivers through my body.

[@markquadros7975]

you got issues lol.

[@chilaka6930]

Karo Kisa then stop watching it lol

[@great4ever845]

Omg that pen

[@muzammiljavedshaikh2903]

I thought I was the only one with that problem since childhood 🙄

[@valouroxx]

I could only watch 45 seconds

[@RevoZtuns]

thank you very much, explained the adding and subtracting in 5 mins while my lecturer still cant explain that within a 2hr lecture...

[@andrewgarcia681]

Faith Perera The Legend you're*

[@zeeshankakde6400]

That's the thing where u were lacked now u have clarified so hopefully u should passed to others who are lacking

[@husseinmataan911]

not accepted these message is fake.

[@AdamMohamedAli]

I have Financial Accounting 1 exam today in the morning, and one of the questions forecasted to feature in the exam is the one you have just now solved. Thanks a lot for your help, and I hope it goes well for my side.

[@johanparra9535]

that reaction she made when it totaled to 666 LMAO

[@paulatasso8417]

lol

[@johnlaunchillegotardo2366]

Lol

[@toukajaber]

the noise of your pen brings hell to my ears

[@ecofriendlyhippie]

Lol that's just what it sounds like when us leftys write with markers

[@litairongchina]

+touka man I wish I can watch this but I have to close the video because of the pen

[@skrrr9297]

5:16 Proves it loll

[@genoseb]

well noticed :D

[@sarvitarchen984]

It's a good ASMR though.

[@iamtenor3599]

i don't have problem with your pen as long as you keep doing these amazing work... its really helpful for a beginner or say who have no idea about accounting.... best thing about your work is you make it simple enough to let understand like me...

[@user-pz1op1ct6p]

Explained it 1,000 times better than my professor.

[@KashifIqbalSyed]

I never felt the noise of the pen cos I was too focused on the knowledge you were giving :)

[@chiya2535]

I never noticed the sound until I read this comment lol.

[@coopertaylorrr]

Dr Supplies $4.50 Cr Cash $4.50 (To record the purchase of new marker for future services)

[@curiouscollectiblesAU]

Cooper Taylor you forgot to indent the credited account and offset debits and credits 🧐

[@tanujaramlochan8043]

Omg cooper Taylor thank uuuuuuu

[@sharam9724]

ur marker crawled my flesh but ohhh u explained very well!!! I needed this

[@GenerationTheFall]

and this is how i pass my accounting exams... thanks, amanda!

[@richardchung7198]

You have the best hand writing I've seen for a left hander

[@andrewvignoni4395]

Hi Amanda, thank you so much for the reconciliation video. Very well explained! Was used very well for a job application. The squeaky marker didn't bother me at all.

[@amandalovestoaudit]

I'm glad the marker doesn't bother someone 😂

[@paperbeats9824]

AHHH! The sound of the squeaky marker is so SATISFACTORY!! :3

[@accountingforbeginners9210]

I as accounting teacher has also learnt a lot from this video,good work done

[@amandalovestoaudit]

Thank you!

[@BatBrakesBones]

I can't watch it. The marker friction is hurting my teeth.

[@arnoldotiu8598]

+BatBrakesBones i thought so too.gawd!

[@S2KEVIN]

+BatBrakesBones LOL! And she's a lefty! = even more friction....

[@ayeshmaranasinghe782]

her explanation is good but i too can't watch cz of the same reason 😑

[@Kissmycrown]

It’s like rubbing my ears🤮😬

[@lailaahmad8085]

Me too 😰

[@walmartotaku]

I almost change the video when all of the additions equaled $666.

[@isaicalderon5371]

Very scary,,, it's almost Halloween and this happens!

[@berderk2796]

satan believes in u

[@vanessae.cabrera8365]

Walter Martinez what would you do if in real life you have a job that works with numbers and you have to use the 666? Would you quit? Please is a number

[@michalp1]

Didnt you know the Devil controls the money system?

[@LamaraTanae]

@@michalp1 THATS DEEEEP

[@andrewjconners]

if you can't watch the video because of the marker you probably shouldn't be in school

[@londababy2239]

It’s an excellent and also educative video, But I got recommended through the KZbin comment session to Stray Admin, he’s good at statements making too. I only had to hit the KZbin search icon and type in Stray Administration to get him.

[@JonesSimone]

I love the sound of the pen on the paper :)

[@kayindaroswithamushova4181]

PLEASE DO START FROM THE BEGGINING WHERE I HAVE TO IDENTIFY IDENTICAL FIGURES FROM BANK RECONCILIATION AND CASH BOOK

[@kadeemr8243]

in all respects I like this presentation but I'm still confused because aren't u supposed to correct the balance per your Books and Also for the Bank as well? Deposits in transit and Outstanding cheques affect the Bank Balance. So wouldn't both balances meet at $899?

[@tamanguyen1737]

Kadeem R I got $899 as well I think she is wrong. $1080+$189-$368= $899 You +$189 on bank statement I DEPOSITED the money but the bank did not process it yet, Then you -$368 from the Bank because I WROTE a Check that my vender did not CASH out YET. Making the Bank statement $899

[@dontaethomas9383]

you only do that if your bank made an error in which was not the case.

[@berderk2796]

why are people complaining about the marker??? they're more annoying than the noise of the marker

[@amandalovestoaudit]

+BiggieVic ­ thanks - this is a video made over 6yrs ago when there was very little quality tech to make clips. Hopefully I can find some free time to update it soon!

[@berderk2796]

6 years is still up to date in my honest opinion because this video helped me with my homework, thanks and please keep up the great work! :)

[@jaykhawari]

Anyone else finds the text-er squeaks annoying?

[@amandalovestoaudit]

I would assume that the cash balance in the bank statement is correct (but you still need to adjust it for items in the cash journal that are not on the bank statement)

[@dyani4755]

It would be great if you could speed up all the writing in editing, that would also solve the marker sound issue people are getting upset about. That, of you could prepare things beforehand.

[@charlesloh612]

How do I learning accounting also

[@kellkeys]

Thank you so much for posting this!

[@christinechikore3414]

thank you soo much for posting this video.I might have watched this video five years later but i really understood it.Loved it

[@TheGGbond]

You saved my mid-sem exam!

[@amandalovestoaudit]

Hey TheGGbond - hope you do well!

[@MonsterFishCraze]

Getting goose bumps from the sound of your pen

[@alecjunaidali1414]

"66... Oh. 6" 🤣

[@ujantimsina6615]

I don’t know if anyone noticed, there is a flaw in logic. Please clarify You’re saying- Add: items in the accounting records but not in the bank statement. Sub:items in the bank statment but not in the accounting records In the problem, 2) A deposit of 48 paid directly to the bank etc, how is this not in the bank statement if it is paid directly to the bank. 4) A deposit for 187 made on 29 June had not been credited by bank. How is this not in the accounting and in the bank statement? As per your logic, 2) in the accounting record should be added. You have added. Shouldn’t this be subtracted because it is there in the bank statment as it is paid directly to the bank? 4) in the bank statment should also be subtracted, you have subtracted. How is this in the bank statment? This is in accounting and it should be added.

[@zoonica]

Great job explaining the req in a clear way. Thank you

[@RoreyG]

Thank you sooo much. This really helps me out. :)

[@muzammiljavedshaikh2903]

Thank you so much. Love and prayers from Pakistan🖤

[@bikramgole2277]

thank you very much for your videos. it really helps. very good command of the subject and precise about the topics.

[@davida6146]

So random how it added up to 666... I think she was thrown off guard for a second 😅

[@WangXiaojun1974]

I like the sound of the pen - it's soothing ^_^

[@misteriouswonders]

this was so helpful. Thank you!

[@niyuktaaryal592]

You say that you you add items in accounting records but not in bank statement- in the first section. then you say, direct deposits that might be on the bank statement but not in our accounting records should be added??? you lost me.

[@DownSouthable]

I left at 5:24...

[@saadmahmood7884]

Your hand writing style is amazing.....

[@Farah0214]

Great video. Thank you for that. Please adjust the sound of the pen 🖊️ it’s so scratchy and takes away from hearing you & learn!

[@chrisuren9811]

Thanks very helpful! I was just wondering what happens if the NSF cheque is redeposited? Does it affect deposits in transit or outstanding cheques?

[@amandalovestoaudit]

Accounting Tools actually has a great explanation ☺️ www.accountingtools.com/articles/2017/5/17/bank-reconciliation

[@shahzebafroze4093]

very clear explaination! THANKS A LOT suggestion: reduce the time for your 'now an example slide' to 1 sec

[@TheDanduke1971]

I am sorry but your subtracting was incorrect , it should have been 348 and 1080. It helps using a calculator

[@NeroForte_]

thanks,. but PLEASE use BALL POINT PEN. that sound

[@wendycuevas7353]

same thought. it makes me chillssss

[@kodido00]

why doesnt she show the bank statement part ? I feel like the other part is missing... we saw the accounting record reconciliation but what about the bank statement...???

[@mymovieclips4091]

Nice handwriting!

[@solaiman4986]

you are left handed cool

[@alvarogarcia1006]

You have beautiful hands, Amanda!

[@davidwanc11]

Thanks, Amanda. This video really helped me with my revision before my exams.

[@andypaulcabrera26]

Aren't you supposed to deduct $368 from "cash balance per bank statement" since it's a check recorded on the books already but not on the bank statement yet? I balanced both sides at $899.

[@xiaozhanheng412]

tutorial第一题就不会 来听这个

[@nicole4eva111]

Thank you for this video. This was very useful.

[@zeraluo3976]

I really want to finish watching this, but the noise is horrible. I decide to stop at 46th second and I wonder anyone better than me?

[@shivanmohyaddin]

everything was good and clear , but when the balance showed up as 666 , everything distracted me and my killuminati sense forced me to stop the video and go for another one... im outty

[@HandsOnInTheCountry]

Must suck to live in fear all the time

[@WangXiaojun1974]

It's a pretty big coincidence that the balance was 666, but not as bigger coincidence as the name of the cake shop being "Amanda's Cake Shop" and the video was made by "AmandaLovesToAudit"! Same name - Amanda - that is scary :(

[@shivanmohyaddin]

Holy shit amanda could be the devil's wife or gf... Ahh dear repliers pls dont reply and redirect me to this vid. Im scared as fuck

[@namankhare7436]

Am I the only one who thinks that the marker sound is soothing rather than annoying?

[@amandalovestoaudit]

You might be the only one 😂

[@ScRaS181]

Great video. Clear explaining.

[@lukefiler22]

I'm confused. An unrepresented cheque is already in our cash book but it's not on the bank statement yet? If so, why have you added it to the cash book? Shouldn't it be debited to the bank as that is what will happen when the cheque is cleared?

[@alial-ansari8815]

What about the bank side ?? Like u did for the company but not for the bank ???

[@amandalovestoaudit]

I actually don’t think we’ve ever asked students to conduct a bank rec from the bank’s perspective 🤔 and I’ve never seen anything from my colleagues. An interesting idea. It would be the same principles

[@MAlEbrahim]

I need help, based on this, the recording error on check, how do I enter that? Which column bank or book? And I tried to put 9$ it wont balance, or 90.. help? Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2015, its Cash account shows an $22,352 debit balance. Nolan’s June 30 bank statement shows $21,332 on deposit in the bank. a. Outstanding checks as of June 30 total $3,713. b. The June 30 bank statement included a $41 debit memorandum for bank services; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $90 check written by the Company was mistakenly recorded in the company’s books at $99. d. June 30 cash receipts of $4,724 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $23 credit for interest earned on the cash in the bank. Prepare a bank reconciliation for Nolan Company using the above information.

[@pegihadrianto9356]

I got $899 for both sides. For the $368 and $187 account, you need to reconcile o the bank side, not on the book side. I love your vids, but you got it wrong this time sorry.

[@jezmarjohngulmatico3927]

same here

[@whoeverwhoever400]

your voice and accent is cute. anyway, thanks for the lesson.

[@raudahrosli7035]

thankyou, i understand more with your explanation

[@CC-tq3kw]

I'm just biologically not able to watch this video because of the sound from writing...

[@joeydikgole6005]

Couldn't continue with it. The marker sound is uncomfortable.

[@steveparada7699]

and you know she could have added one dollar to not make the add's 666, but she didnt... because amanda is bad like that.

[@iamtheyellow6703]

I want to watch it so badly because Ill have a test related to bank reconciliation.Sadly, I can't watch it due to those freaking sounds your marker makes

[@mominmuslim2601]

thanks for sharing the information with us.

[@iamtenor3599]

like you said interest earned by the bank should be subtract but do we have to add the interest earned by client because when we deposit money in bank we get interest..

[@fortisfan2147]

am confused cause she said she was gonna add the things in the accounting records but not in the bank statement yet she added things like the deposits and bond

[@amandalovestoaudit]

+fortis fan - they were unrecorded deposits (ie the entity did not know they were coming)

[@fortisfan2147]

Oh so how do we know?

[@khaulahahmad2712]

the video really helped me and the marker sound didnt bother me ... probably..

[@Aminu-qc5ww]

What can I do when balance per bank statement is not given.

[@AnnaMariaElizabethKhemraj1996]

dis vid was very helpful thankz :)

[@dhlaminidora6685]

happened if you deposit the a certain amount in April and the amount Appears on the may statement

[@luciousjivhuwo3063]

The marker is bringing hell, didn't she think about that before uploading it?

[@404TRUCKERTV]

Loved the video, but that sharpie gave me that fingernails across a caulk board feeling. lol

[@amandalovestoaudit]

You and me both - hence the newer video 😂 kzbin.info/www/bejne/hpDce2SZd9mDjc0

[@404TRUCKERTV]

@@amandalovestoaudit Thanks, No hard feelings, you make great videos.

[@moon13591]

Thanks, This was helpful.

[@shaheelramesar4064]

Your calculation is wrong for the amount under the heading "Add" it supposed to be 656 not 666

[@JJ-is5rk]

Shaheel x the devil is in the detail😂

[@Professional_Youtube_Commenter]

Is this has reconciliation works in the real world? I do my own accounts and I have to say, reconiliation is extremely tedious and takes a while. I am surprised there isn't software available to speed up the process. This is especially hard when you have a lot of accruals and prepayments on account where you have to post invoices on date of supply not date of payment. It's an absolutely nightmare when you have loads of these.

[@amandalovestoaudit]

Hi Grimshaw - IRL, if you're using an accounting software package (like Xero, MYOB etc) then there will be functionality to speed up the reconciliation process - especially if your bank accounts are linked into the software.

[@Professional_Youtube_Commenter]

@@amandalovestoaudit i use an accounting psckage in uk called freeagent. I havent used the bank synchronisation feature. Perhaps i should. What i wanted to know is how do pros do it day to day. How does reconciliation work for a medium size enterprise where they may have 600-1000 transactions a month? I also have big issues with reconciling paypal because their statements dont have a rolling balance, and have complications like holds which comllicate the reconciliation.

[@ishimwepatience8704]

Hi Amanda, after performing a bank reconciliation, are we supposed to go back and adjust cash balances presented in the FS? I mean for example if we found out that one reconciliation item was a deposit from a client. Are we supposed to adjust cash against the receivable?

[@amandalovestoaudit]

No - the cash balance on the balance sheet should remain the same as the bank statement.

[@munezerozabulon2733]

the marker is sending jingles in my teeth ......nice handwriting

[@abdulazizhazaa9028]

I do thank you for all the information you provide.... I want you to give me more information about the Consolidation of Financeial statements .....

[@officehomecleaningramos6988]

Do you add the bank balance in the trial balance?

[@krishnaprasadsharma5]

Why all are blaming the pen U want to find any demerits naa

[@adenlevictor7186]

Not satisfied at Amanda, you said items not in the bank statements but in the cash book should be added and that was not the case when you started with the solution. For example you added up the $48.

[@melishaharris-bolden1024]

She basically stated that the account records had a total of $732 and the bank Statement had a total of $1080. What we are trying to do is get the Account records to balance out. so what she did was looked at all the miss money on the Acct Records which was $666 and added those numbers together to get $1398. Now we know that that the total is over the $1080. So then she went to her Bank statement and Found all the items that were not added to the Account Records and Subtracted the $318 by the $1398 that's how she balanced it out to get $1080. So and Bank Rec you would first find the missing money in the Acct Rec then You would Find the missing money in the Bank Statement.

[@stephenidagwa7831]

informative

[@yaozhang6781]

Thank you very for your presentation. It is really helpful to me.

[@sg047133181]

Hi Amanda, What is the correct procedure for written cheques that have not been presented to the creditor but is in the accounting journal as an un-presented cheque?

[@watshi6697]

Can't see what's written in the paper because of the subtitles

[@amandalovestoaudit]

You can elect to turn them off - this is based on your KZbin settings 😊

[@Autosanji]

hi Amanda. is the bank statement's balance necessarily correct??

[@charlesloh612]

Have answer and question

[@712homan]

your left hand block everything

[@danielaccountantmanager8014]

How do I working job in bank

[@amandalovestoaudit]

Bank reconciliations are not normally conducted by banks - but by entities for their own internal controls. Jobs in banks vary from customer service, through to lending, foreign exchange, fraud detection, internal audit. Check the graduate programs of banks you may be interested in working for.

[@yaosong6209]

the sound of marker makes me crazy

[@nelabhaidari8977]

same here