Post by prantogomes141 on Feb 14, 2024 5:19:15 GMT
Before moving on, you may also need to adjust for interest income and other debits or credits that appear in your bank statement but not in your internal records. However, you should limit your adjustments to transactions that you can confirm easily with your bank. Here are some typical adjustments: Interest earned on your account Bank fees that you may not get alerts about until the statement comes (such as paper statement fees) Overdraft or late-payment fees Wire transfer fees Bank fee reversals If you notice any of these types of transactions on your statement, you should confirm them with your bank and adjust as necessary by entering transactions in your records to match your statement.
Review any other discrepancies. Once you’ve adjusted for uncashed checks and easily confirmable debits or credits on your bank statement, check any other transactions that don’t match up. In some cases, transactions may appear on your bank statement that Algeria Telemarketing Data you simply forgot to record. Other times, your bank may have made a mistake by crediting your account instead of another customer’s. In a worst-case scenario, your account may have been impacted by fraud. FYI Some banks will reverse fraudulent transactions if they’re caught early enough, which is why it’s important to reconcile your accounts early and often. To reconcile unusual transactions, you may need to check your prior records to see if any transactions on your statement are from payments you issued before the current reconciliation period.
You may also need to check other accounting records – such as vendor invoices – to see if you simply forgot to enter a transaction in your bookkeeping software. In this case, you’ll need to enter those transactions now to correct your internal records. You can enter the transaction in the current month, rather than trying to recall when payment was actually issued. If, after reviewing your records, you can find no indication that you simply forgot to enter the transaction, you should contact your bank to get more details about the transaction, including copies of canceled checks or bank transfer details. You can use these details to try to confirm whether it was a payment you actually intended to send and just failed to note.
Review any other discrepancies. Once you’ve adjusted for uncashed checks and easily confirmable debits or credits on your bank statement, check any other transactions that don’t match up. In some cases, transactions may appear on your bank statement that Algeria Telemarketing Data you simply forgot to record. Other times, your bank may have made a mistake by crediting your account instead of another customer’s. In a worst-case scenario, your account may have been impacted by fraud. FYI Some banks will reverse fraudulent transactions if they’re caught early enough, which is why it’s important to reconcile your accounts early and often. To reconcile unusual transactions, you may need to check your prior records to see if any transactions on your statement are from payments you issued before the current reconciliation period.
You may also need to check other accounting records – such as vendor invoices – to see if you simply forgot to enter a transaction in your bookkeeping software. In this case, you’ll need to enter those transactions now to correct your internal records. You can enter the transaction in the current month, rather than trying to recall when payment was actually issued. If, after reviewing your records, you can find no indication that you simply forgot to enter the transaction, you should contact your bank to get more details about the transaction, including copies of canceled checks or bank transfer details. You can use these details to try to confirm whether it was a payment you actually intended to send and just failed to note.