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    Sittie Jobairah's Avatar
    Sittie Jobairah Posts: 1, Reputation: 1
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    #1

    Sep 21, 2009, 02:23 PM
    Bank reconciliation
    What is my entry on the problem: The statement included a debit memo of 300php for the cost of two checkbooks?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Sep 21, 2009, 06:17 PM

    This is an expense and you need to reduce your cash account because the bank took that much out of your account. It is recorded on the banks books, but not your organization books. Therefore you need to debit the appropriate Expense account for the amount and Credit Cash for the amount.
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