Bank Reconciliation Statement And Adjustments For Errors In Financial Statement

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  • Private Class Price is Per Day not Per Pax
  • Send 1 or 20 pax for the same price
  • HDRF Claimable(SBL)

Private Class from

2400/day

(2 Days)

BENEFITS

Upon completion of this program, participants will be able to:

  • Learn the common discrepancy on accounting record and bank statement.
  • Learn how to update the bank account in the ledger account with the bank statement.
  • Manage the bank reconciliation process flow properly.
  • Know the impact of granting excessive credit to customer and effect in the financial statement.
  • Distinguish between the different kinds of errors that may arise when financial transactions are recorded and journalize the errors to ensure accuracy of ledger account.
  • Reconcile or recomputed the profits and statement of financial position after errors have been corrected.

INTRODUCTION

Every finance staff faces difficulty in reconciling the bank balance with the bank statement due to most companies write hundreds of checks each month and customers make multiple deposits services and bank charges by the bank and other items . The process is complicated and tedious task because some items appear in the bank account in one month, but appear on the bank statement in a different month. It is also common for accounting staff to capture the incorrect accounting entries on the wrong side of the account. By attending this course, you will equip your staff the knowledge in identifying and correcting a range of errors that can arise when financial transactions are captured initially in the ledger account.

AUDIENCE

This program is suitable for Administrative Assistants and Managers, Officers who monitor Accounts, Account Receivable and Collection Department Staff, Accounts Clerks and Supervisors, Finance Executive and Officer, Secretaries and Supporting Staff involved in the preparation of account.

METHODOLOGY

This stimulating program will maximize the understanding and learning through lectures, discussions, case studies and practical activities.

PURPOSE OF BANK RECONCILIATION STATEMENT
  • Act As Internal Control
  • Detect Any Errors Made By The Bank
  • Format Of Bank Reconciliation Report
  • Causes Of The Balance Between Bank Account In General System And Bank Statement
COMPLETING ENTRIES IN THE CASH BOOK DUE TO
  • Un-Presented Cheque
  • Late Lodgment
  • Standing Orders
  • Direct Debits
  • Dishonored Cheques
APPROACH TO BANK RECONCILIATION
  • Investigation And Adjusting Entries To Clear Un-Reconciliation Items And Accounting Records
  • Journal Entries To Correct Un-Reconciliation Items Appear In The Bank Statement
MANAGING ACCOUNT TRANSACTIONS
  • Trade Discount
  • Posting To Account Receivable And Sales Account
  • Cost Of Credit
  • Methods Of Assessing Credit Risk
CREDIT CONTROL POLICY AND EVALUATION
  • Factors To Be Considered
  • Credit Limit
  • Evaluate The Effect On Profit Of Extending Credit
  • Early Settlement Discount
  • Ageing Report And Credit Utilization
ERRORS NOT AFFECTING THE BALANCING OF THE TRIAL BALANCE
  • Errors Of Omission
  • Errors Of Commission
  • Errors Of Principle
  • Compensating Errors
  • Errors Of Original Entry
  • Complete Reversal Of Entries
  • Transposition Errors
SUSPENSE ACCOUNTS
  • Make Appropriate Entries In Setting Up A Suspense Account Or Control Account
  • Correcting Errors Involving The Suspense Account
  • Errors That Affect Profit Calculations And On Items In The Statement Of Financial Position

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