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    johnkillow's Avatar
    johnkillow Posts: 1, Reputation: 1
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    #1

    Jan 30, 2009, 05:38 PM
    Bank reconciliation
    Is there a legal requirement for a small limited company with one director to account for any difference between the book bank balance and the actual bank balance?
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #2

    Jan 30, 2009, 09:08 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.
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