Thursday, 15 March 2012

Bank reconciliation not matching

HI Platinum

I am preparing for this interview, and have some questions about Bank Recon:

When we do the bank recon in training, the transactions were perfectly match with the bank statment.
I am wondering if in te real life, some differences happen, what is the procedure to solve it.
If we found out that some transactions showing on the bank statement, but does not exist in our system ( like some fees, expenses), what should we do??

( My thinking is we call the bank first to look into this trasaction, and if it occurs, we just put journal into the system? what if it does not exist, do we reconcile directly or we have to make some note in our system so that we know in the future?

If the transactions are missing in bank statement, but we do have them in our system, what should we do? ( just untick it, and reconcile?)

If the dispute transactions can not be solved on te first day, is there anything we can do in the system?? ( like move all of them to one temporary account?)



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