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1,090,440 Views • Jan 16, 2019 • Click to toggle off description
Join me in this episode of Accounting Basics for Beginners as I show you how to do a Bank Reconciliation from scratch.
In this Bank Reconciliation tutorial, you'll hear the definitions of Bank Statement and Cash Book and learn why the following situations can cause differences between these two reports...
▪ Omissions
▪ Timing Differences
▪ Errors
You'll then find out how the Bank Rec is useful in terms of calculating the 'True Cash Value' of a business. And finally, I'll show you how to prepare the Bank Reconciliation using 7 steps...
The techniques that you'll discover in this Bank Rec tutorial can be applied in your own work to easily reconcile the Bank Statement to the Cash Book.
🔴Subscribe for more Accounting Tutorials → geni.us/subtothechannel
⏱️TIMESTAMPS
00:00 - Intro
00:58 - Bank Statement Definition
01:14 - Cash Book Definition
01:52 - Why do the Bank Statement and Cash Book disagree?
03:38 - What is a Bank Reconciliation?
04:03 - Why is a Bank Reconciliation necessary?
04:23 - When are Bank Reconciliations done?
05:29 - Step 1 - Get copies of the Bank Statement and Cash Book
06:20 - Step 2 - Bank Reconciliation template
07:48 - Step 3 - Tick all matching transactions
08:28 - Step 4 - Calculate adjusted Bank Statement balance
10:28 - Step 5 - Calculate adjusted Cash Book balance
13:07 - Step 6 - Check that the adjusted totals match
13:43 - Step 7 - Prepare the necessary Journal Entries
🔎FAQ
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DISCLAIMER
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#accounting #accountingbasics #accountingstuff
Views : 1,090,440
Genre: Education
Date of upload: Jan 16, 2019 ^^
Rating : 4.946 (397/29,090 LTDR)
RYD date created : 2022-04-06T23:03:47.566514Z
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YouTube Comments - 1,392 Comments
Top Comments of this video!! :3
This guy must of knew they were people who can’t afford the proper education and would eventually find his content on YouTube. Thank you 🙏🏾 Your changing lives
548 |
Anybody watching this night before test?
1.3K |
When he's better than your normal
Accounting professor....😬
232 |
so much helpful than my professors. My god, spend so much when we have youtube university
217 |
I graduated 5 years ago and this always confused me. You explained it in 17 minutes and it makes perfect sense.
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Love it! Finally YouTube has videos that are REALLY HELPFUL and EASY to understand. No headache after watching :)..haha.
Thank you for putting time and effort into your videos. They are amazing ^-^
63 |
I cannot tell you just how grateful I am for this tutorial! I've got an accounting test on Thursday and I was extremely confused with the notes given to us, so this was a real life saver! Thank you!
134 |
I am so amazed at how incredible your videos are. The aesthetic of the videos are absolutely amazing. The aesthetic really reflects a clean and easy tone which adds to your simplified style of teaching. Your channel is absolutely incredible. Like the time stamps on your description, smooth and clean layout, the step by step explanation, and clear voice like this is qualityyyy. Thank you so much for your videos I absolutely love them.
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I'm due to sit my financial accounting exam next tuesday, and this is the most clear and easy to understand explanation of how to do Bank Rec's that I've ever found. Thanks very much
55 |
I am watching this tutorial from South Africa preparing for an exam I'm having in about 10 hours time from now on. This is extremely helpful. It has helped given a framework of the procedural approach to Bank reconciliation.
Thanks buddy!
203 |
I'm so happy to find you. you are the best teacher that I've found on youtube.
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Thank you so much. I didn't know anything about bank rec and you just helped me millions times!
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I’m hoping to break out into accounting someday I’m going through the fundamentals and you have been such an inspiration and a help dude. Thank you so much for all of your hard work and time you have put into these videos
26 |
Watching this to refresh my mind since it's almost two years since I last take my accounting class and now I have accounting class (again, grrr). This is so helpful!! Very easy to find and not boring. Thanks a lot!! 💓💓
15 |
I have to say, your videos are honestly more helpful than my college courses... Keep up the good work
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Honestly, James, I would get nowhere in class without you! Thanks a bunch, man!
8 |
Fair Play man you really put alot of effort in your videos and the clarity in which you explain each step is amazing.
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man i am so glad i stumbled upon your channel.
i'll be starting my internship next month and the company mentioned that they would probably let me do bank recon, among others. i became so anxious cause i remembered how i sucked at this so bad back when i was a first year student then i discovered this video and you explained it so so well. i was also having trouble picturing my future in the accounting field, doubting myself here and there, but i scrolled through your other videos and somehow i felt a sense of peace if you may and a feeling of wanting to do my absolute best.
anyway this channel is a blessing and i hope you know that you help your viewers in more ways than one. thank you so much once again james! best believe i'll be binge watching your videos for the next few days 😅
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That was so great; clear, concise, well done! Thanks so much!
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@AccountingStuff
5 years ago
The bank reconciliation can be a real headache if it get's left alone for too long... and most of us probably don't do it regularly enough. How often do you do you reconcile the Bank Statement?
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