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All we need to do here is ensure the ending balances match for the Bank Balance per Reconciliation and Company Balance per Reconciliation.
Bank's Cash Balance
| Per Bank Statement | $850 |
| Deposits outstanding | $170 |
| Checks outstanding | ($200) |
| Bank error | $50 |
| Bank Balance per Reconciliation | $870 |
Company's Cash Balance
| Per General Ledger | $800 |
| Note collected | $200 |
| Interest earned | $20 |
| Service fees | ($50) |
| NSF Checks | ($100) |
| Company Balance per Reconciliation | $870 |
Bank Balance per Reconciliation = $850 + $170 - ($200) + $50
Bank Balance per Reconciliation = $870
Company Balance per Reconciliation = $800 + $200 + $20 - ($50) - ($100)
Company Balance per Reconciliation = $870
Bank's Cash Balance
| Per Bank Statement | $850 |
| Deposits outstanding | $170 |
| Checks outstanding | ($200) |
| Bank error | $50 |
| Bank Balance per Reconciliation | $870 |
Company's Cash Balance
| Per General Ledger | $800 |
| Note collected | $200 |
| Interest earned | $20 |
| Service fees | ($50) |
| NSF Checks | ($100) |
| Company Balance per Reconciliation | $870 |
The bank and company are now on the same page for what the cash balance of the company truly is!
