The correct order to reconcile a monthly bank statement is:
- 1. Identify the bank statment balance then add any deposits in transit and subtract any outstanding checks.
- 2. Compute the adjusted bank balance.
- 3. Identify the company's book balance.
- 4. Add any unrecorded credit memoranda from the bank, interest earned, and errors understating the book balance.
- 5. Identify and list any unrecorded debit memoranda form the bank, service charges, and errors overstating the book balance.
- 6. Compute the adjusted book balance and compare it to the adjusted bank balace to verify equality.
<h3>What is a Bank Statement?</h3>
This refers to the financial record that contains the transactions in a bank account over a period of time.
Hence, we can see that a business owner must follow different steps when preparing a monthly bank reconciliation and they are shown above.
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When the notation is 10^-# you always move whatever the number is to the left of the decimal place
When the notation is 10^+# you always move whatever the number is to the right of the decimal place
2.4 x 10^-4 = .00024
You move 4 units to the left of the decimal place
The standard notation will be .00024
