Bank Reconciliation

[@davida6146]

I really needed a refresher on this, I used to be really good at this but none of the videos on KZbin were able to jog my memory and only seemed to complicate things. Your instructions and video demonstration are amazing!! It took me back to my first accounting course and helped me remember what I was wanting to remember! Thank you so much!! 🙏😃

[@Garold_Taha]

You’re a great teacher. I am so glad I found your channel. I spent hours studying this chapter and you explained it clearly in 14 minutes.

[@louietoltolvlog9699]

You’re better than my instructor … easy to understand. Wonderful lecture!

[@Josh-adventures]

I wish i found this channel in the beginning of my accounting class thank you for being clear

[@beec4737]

omg came across this the night before my quiz this makes more sense than what my teacher taught. i was confused with the error by bookkeeper part when she taught but now it makes sense!!

[@mbiggart4710]

OMG! This was so much easier to understand compared to my text book. Thank you.

[@louietoltolvlog9699]

Very important ! Bank reconciliation focus on cash 💰 we on hand.

[@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.

[@yeseniaaguero3180]

Thank you so much for your videos they have helped me get through my assignments. Before I found your channel I was so overwhelmed and lost!! You are a great teacher!!

[@jocelynandales3966]

Learned a lot and you’re very good in the explaining everything thank you!

[@itzsaryuh]

Thank you very much for proving such great and help video. I like the way you teach - precise explanation, and the format showed on the screen - be clear at a glance.

[@angelicanicasio6424]

I have an exam later, it really helps me to understand this a lot more. It becomes a lot more easier. Thank you so much. From all the videos i have watch this was by far the simplest of all. I just started subscribing you. Hope you continue and continue this on your yt channel and gain a lot more of subscribers❣. -I am from Philippines.❤🇵🇭

[@PheloBopi]

Thank you so much😀😀this helped a lot in order to prepare for my exam

[@accountingforbeginners9210]

Well done do not stop teaching

[@louietoltolvlog9699]

Thank you for great lecture! What’s the example of bank collected on a note? A bit confusing.

[@simoiyahector-morales3781]

Excellent tutorial in 14 mins

[@merciasimeon5729]

Thanks for the detailed video. Can you do a video on single column cash book please. Thanks

[@TrevorTati]

Your videos are great

[@katherineli3435]

Awesome video, super helpful!

[@brownpanther7512]

Thank you. easy to understand great explanation :)

[@khemashakya4149]

thank you, this helped a lot

[@TheHIM1985]

Thanks for the tutorial, was great.

[@briannaonyschuk4946]

So so helpful and informative! Thank You

[@jessicabowers2406]

Thank you very much, you were very helpful!!!!

[@ninanovikov3201]

you are the best

[@BlessedMagazineMinistries]

Do you have a video on year-end bank reconciliations?

[@crudeyeoja4192]

THANK YOU SO MUCH THIS HELPED ME LOT

[@crudeyeoja4192]

@Michal Fossett no body gives a fucc

[@dumphd1677]

Thank you so much ❤️❤️❤️

[@zahidaparveen8905]

Please give a lecture on petty cash reconciliation

[@annalcine2128]

Very good. Thanks

[@syasya5944]

this is very helpful im cryingggg T.T thank you

[@saddambashir2090]

me too

[@waqas6300]

Good explain

[@louietoltolvlog9699]

My question is how often is ideal for bank reconciliation at work? Every week or every month?

[@accountinghelp]

Since bank statements are monthly, they are typically completed monthly.

[@louietoltolvlog9699]

@@accountinghelp Thank you so much !

[@louietoltolvlog9699]

@@accountinghelp Problem is a company I hired has a messy qb for a while. So I have to reconcile old one with old bank statements…😢

[@danielax2350]

Love the ez explanation. Also where can I find the worksheets to print them so i can practice? Thank you.

[@accountinghelp]

I am slowly updating them more and more, but the ones we have are at www.tlctutoringcompany.com

[@halafayek5772]

do they change or its like the closing entires they don't change?

[@newaccountwhothis5135]

Thank you thank you thank you thank you. This has really helped me

[@AusFastLife]

I don't understand where all that informtion comes from. I have a business bankaccount which people pay money into and from which I buy necessary items. But I don't understand what you are reconciling with, or how you are working out when amounts are missing. I don't use cheques, but I do use Paypal and those amounts don't show up in your bank account, but then when you buy goods using paypal, your paypal balance is used first and then the difference is taken out of the bank account. I am so confused. Can anyone recommend somwhere that teaches you from absolute scratch what needs to be recorded for business accounts, including how you knew that this was something that needs to be recorded. Everytime I ask someone about how to do something I heard that you need to do, eg bank reconciliations, they say, well you should have this....And I think, what do you mean I should have that? What told you what records need to be kept?

[@CJSUAREZJR_]

Wonderfully explained, however you didn’t go over the journal entries as promised in the beginning of the video.

[@ahmedsafa7059]

Thanks 💙💙💙

[@afraasalih967]

Thank you 🌹

[@Woodland2.o]

thank you so much for this but just one question,what about the interest paid on the colection?

[@accountinghelp]

Hello Nkole, The $2,500 is the total amount collected. This means that the principle on the note (notes receivable) was $2,350 and that the interest on the note (interest revenue) was the $150. :)

[@Jsans86]

@@accountinghelp oh got it

[@goodman-it2qy]

Thanks. Due Respected, l pleased to request you, I have need ms excel statement where I have find top ten good customs paid on time payment, & other statement are required top ten customer delay payments.

[@DekebaAdane-g5t]

can you explain transaction F again

[@saleh81203]

thanks a lot .

[@anelesontenze2897]

What are collection why are they in the add part please explain more on the collection

[@accountinghelp]

Collections are amounts that the bank has collected on behalf of the company, which means that the company's cash is increasing. Therefore, it is an increase to the company's books.

[@magicpower1858]

Very helpful, thank you.

[@shadmanahmed2053]

very nice cheers

[@mtmtesk7947]

should we count the interest of 150 dollars?

[@accountinghelp]

The interest is included in the total collection. We will separate the outgrew interest from the face of the note in the journal entries for the bank reconciliation.

[@tihon2264]

I appreciate this tutorial video! I have a question. If there is error, whether it’s banks error or bookkeepers error, are they supposed to reverse the original entry and re-post it, then we would not need an adjusting entry right?

[@accountinghelp]

We do bank rec entries (adjusting entries are something else entirely), but we will ONLY do it for the book errors. We don't do the accounting for the bank. :) Please see the bank rec journal entries video.

[@MuhammadAbdullah-ds7lc]

Thank you so much

[@Ussourma]

(E) What about $150 interest ? The company not recorded?

[@accountinghelp]

The $2,500 includes interest. Please watch for bank reconciliation journal entry video to see this in action kzbin.info/www/bejne/nKHQZmSEf6d1pNU

[@Joemil271]

This is so helpful

[@maimunahbintiawangyusop8582]

How to cek all if

[@Brownsugar5329]

Thank you so much for this video. I have a question. Once the bank reconciliation is done, which balance do you use for the following month? Do you use the new adjusted balance as the beginning balance the following month? And will it match the bank statement's beginning balance? I am struggling with this concept. Any insight would be appreciated. I love your channel by the way and I have subscribed. Thank you in advance.

[@accountinghelp]

The new adjusted balance. :) Bank reconciliation journal entries should be completed to update cash.

[@msyed9]

Immensely helpful video. Plz don't take these videos offline. Thank you

[@ahoodllsai]

Why did she add the collection? Why not deduction?

[@accountinghelp]

Collecting money makes cash increase.

[@ivonnelopez8203]

What does it mean when your bank statements don't return a check that was outstanding for the previous month. What should we do with that? Also, for the collection, what happens to the interest of $150?

[@accountinghelp]

If that check still has not been cashed, it would still be an outstanding check on the bank rec. If it was cashed, and they simply did not return the cleared check, then it has cleared and would not be included on this type of bank rec. The interest collected would be interest revenue.

[@underatedhockey4148]

shoouldn't you gave to minus the 150 interest in the bank recnicalaiton

[@accountinghelp]

That is interest revenue, not interest expense. Interest revenue is added to the book side.

[@Jsans86]

Why isn’t interest calculated?

[@accountinghelp]

It depends on the problem. In this case, interest was given.

[@randywilhard1960]

thanx madam....

[@azamashabani8065]

Thank you. do you guys do personal tutoring ?

[@accountinghelp]

Hello and thank you for watching! Unfortunately we do not offer personal tutoring at this time. Please let us know if there is anything special that you would like us to make a video for.

[@great4ever845]

@@accountinghelp what do I do with accounts payable

[@melodyrcrystal]

thank u!!

[@azizahmadfarewar2662]

Dear Respected Madam, I hope you are fine. I would really appreciate it if you could provide the reason, why the Swift Sweepers, Inc. bank account has been Debited by 960 if the customer's bank account had no sufficient fund. I am looking forward to hearing from you in anticipation. Thank you. Aziz

[@accountinghelp]

The debit to accounts receivable signifies that the customer now owes us the money again. When we received the check, we would have recorded that amount as received. Now that we know it's an NSF check, then we we have to increase the balance again.

[@azizahmadfarewar2662]

@@accountinghelp Dear Honorable Teacher, Thank you for your prompt response. When a pay in cheque is bounced by the bank it’s obvious that we credit our Cash Book by the cheque amount because, as soon as we receive the cheque from one of our customers we make a debit entry to our Bank Book, not Bank Account. Here in the Swift Sweepers, Inc. case, the Banker debited Swift Sweepers, Inc.'s Bank account. Yes, in-case if the banker had made a credit entry before making the debit entry, then the banker could have the right to pass a debit entry by the same amount to remove the effect of the credit entry. Sincerely yours, Aziz

[@azizahmadfarewar2662]

@@accountinghelp Dear Valued Teacher, I hope you are doing well. Is the attached bank statement provided by the relevant bank to Swift Sweepers? If yes, How the NSF cheque amount is deducted from Swift Sweepers’ bank balance? I am still confused! Please kindly clarify it. Your sincere student, Aziz

[@saddambashir2090]

what about the interest of 150$

[@accountinghelp]

The entire cash collection gets recorded in the actual bank reconciliation, but gets broken out in the journal entries. If you want, you can always make the cash collection as two separate line items: one for the principal and one for interest. :)

[@saddambashir2090]

@@accountinghelp thank u so much

[@hilinatadiosmekete6105]

Why we add errors $50 b/c the company written 500 but when it recode 550 so we should deduct

[@eduardoguardado8536]

Adulthood is about to get difficult 😭. Send help plz

[@tarahkishiro5114]

I love you now. Bow.

[@accountinghelp]

Love you too. Study hard.

[@Youngmessi01]

I wish I could see your face