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Veena1 · Nov 10, 2009, 01:10 PM

Hi

We have rec'd $13680 from one of our client through Direct Deposit. Bank deposited that amount in our chekcing a/c after few days they took back that amount from our a/c by saying they deposited it wrogly.

Now when I did reconciliation I deposited that check into accounts receivable , when they withdrawn that amount from our a/c which a/c does it go to? Please let me know.

haider78605 · Nov 10, 2009, 01:54 PM

Hi

I appreciate that you choose this site to ask your question.

Basically if you are asking about your books then your receivables account will increase again as now the amount will become receivable for you again...

If you need any further assistance I would be grateful to help you out :)

Veena1 · Nov 10, 2009, 02:19 PM

That means when bank withdraw that amount I have to apply it back to a/c receivables right? Let me know.

haider78605 · Nov 10, 2009, 03:27 PM

Yes, because bank will deduct that amount from your account and will return it to that client. So that money again will become a receivable for u from that client .
The entry would be then A/c Receivable Debit and the bank or cash account what ever you have debited before will then be credited...

If you have any further query feel free to ask

Regards

Veena1 · Nov 11, 2009, 07:17 AM

Thank you so much.

haider78605 · Nov 11, 2009, 08:17 AM

Your welcome :)

Veena1 · Nov 12, 2009, 08:41 AM

Hi Can somebody help in this .

On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00.
His bank statement showed a balance of $4,270.00.
On comparison the following were found: * check issued amounting to $2,500.00 has not been cashed
* The bank rejected checks amounting to $140
* Standing order for a staples order of $700 was note noted.
* A customer paid $170 directly into the bank without any notice to Us
* Bank charges of $160 were entered in the bank statements only.
* A dividend of $250 was paid directly into the bank and not recorded in the cash
Book
* Checks for $1,650.00 were entered into the cash book and deposited in the bank
But had not been cleared (deposited).
Prepare a bank reconciliation statement for the month .

haider78605 · Nov 12, 2009, 10:11 AM

Hi

I according to the site rule that I can provide you a complete solution I can assist you when you will submit your efforts.

Veena1 · Nov 12, 2009, 10:30 AM

Sure.

what am trying to do is take bank bal add Outstanding cheks,bank charges if any less unpresented checks

if I go that way bank bal 4270+o/s checks 1650+standing order 700+bank charges 160+ dishonored checks 140 Less unpresented chk 2500+dividend 250+credit trf 170

4270+1650+700+160-2500-250-170 =$4000

is it correct?

haider78605 · Nov 12, 2009, 11:25 AM

Bank statement balance $4,270.00 less check issued amounting to $2,500.00 has not been cashed plus The bank rejected checks amounting to $140plus Standing order for a staples order of $700 less customer paid $170 directly into the bank plus Bank charges of $160 were entered in the bank statements onlyless dividend of $250 was paid directly into the bank plus Checks for $1,650.00 were entered into the cash book and deposited in the bank
But had not been cleared (deposited).
Prepare a bank reconciliation statement for the month .

Veena1 · Nov 12, 2009, 11:30 AM

Haider

Thank you so much. I think I mentioned the samething right

morgaine300 · Nov 12, 2009, 11:02 PM

Veena, where are you at? You did a whole thread full of payroll tax stuff that was definitely U.S. stuff. However, what I'm seeing presented here in the way of a bank rec is not how we would do things. I've gotten a bit used to things being done differently in other countries -- but what both of you did is not the typical way of doing bank rec's here. You both seem to be adjusting everything through the bank's balance to match the company's balance.

However, some of these items have to be recorded in the company's books and therefore need adjusted to the company's balance. While the math may work out that way, it doesn't make much sense to adjust everything to the bank's balance when everything is not really going to change the bank's balance and needs recorded on the company side.

Can someone explain where exactly you are getting this format from?

monkunashi · Feb 26, 2010, 09:46 AM

Hey veena, about this compuville question... I am doing the same thing right now, but I am a little suspicious of the company asking me to do this... how did this work out for you?