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Journal Entries for Bank Reconciliation definitions

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이 집합의 용어 (13)

  • Bank Reconciliation
    Process of matching the cash balance on company records with the bank statement to identify discrepancies.
  • Book Column
    Section in the reconciliation showing adjustments needed to the company's cash records based on bank activity.
  • Journal Entry
    Formal accounting record used to document financial transactions affecting accounts after reconciliation.
  • Bank Collection
    Funds received by the bank on behalf of a company, often from customer payments, requiring cash and receivables adjustment.
  • Electronic Funds Transfer
    Movement of money electronically, either received from customers or paid to suppliers, impacting cash and related accounts.
  • Accounts Receivable
    Asset account representing amounts owed by customers, adjusted when payments are received or reversed for NSF checks.
  • Accounts Payable
    Liability account reflecting amounts owed to suppliers, reduced when electronic payments are made.
  • Service Charge
    Fee imposed by the bank, recorded as an expense and reducing the cash balance in company records.
  • Bank Fee Expense
    Expense account used to record costs charged by the bank, such as service charges, impacting net income.
  • Interest Revenue
    Income earned from the bank for maintaining a balance, increasing both cash and revenue accounts.
  • Not Sufficient Funds Check
    Returned check due to insufficient customer funds, requiring reversal of previously recorded cash receipt.
  • Book Error
    Mistake in company records, corrected by reversing the incorrect entry and recording the accurate transaction.
  • Cash Account
    Account reflecting the company's available cash, adjusted for all reconciling items after bank reconciliation.