LearningCat: Types of Discrepancies
Understanding Bank Errors in Bank Reconciliation
Imagine you’re navigating a bustling marketplace of numbers, where every transaction tells a story. Yet, amidst the hustle, errors can sneak in, obscuring the true financial picture. Bank reconciliation is your compass in this chaotic environment, guiding you through discrepancies and ensuring every penny is accounted for. In this blog, we’ll uncover the common pitfalls […]
Treatment of Errors found in Cash Book
A cash book is one of the important tools for handling finance, and it acts as both a journal and a ledger. The cash book records all the cash transactions, which include payments and receipts. This helps the business with tracking the cash flow and also ensures accuracy in tasks of accounting and ease of […]
Understanding Deposits in Transit and Their Role in Bank Reconciliation
The concept of deposit in transit is one of the important steps towards maintaining accuracy in record keeping. In this blog, we will discuss what the deposits in transit really are, their importance for bank reconciliation, errors related to them, and how businesses can manage them with the help of technology. What is a Deposit […]
What is an outstanding check
In a bank reconciliation, an outstanding check is the check that has been recorded in the company’s book but yet to be determined to be cleared by the bank. Basically, the cash balance got reduced, but the bank is not subtracted any amount from the account balance of the account holder. This disparity happens due […]