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johnkillow
Jan 30, 2009, 04:38 PM
is there a legal requirement for a small limited company with one director to account for any difference betweeen the book bank balance and the actual bank balance?
codyman144
Jan 30, 2009, 08:08 PM
Legal requirement no, I don't think so.

However if you want to follow GAAP you should account for the difference. The difference is usually just float anyway so for a company that doesn't cut a lot of checks this should be pretty easy to reconcile.