at my university, accounting is a weed-out course and your videos is what's getting me and others through it. our professor isn't the best at explaining things and you can take a 1 hour lecture and condense it to under 15 mins. you are the absolute best!
Today I missed my accounting lecture and it was the new Study Unit BRS, this tutorial helped a lot cause I'm confident that I'll ace the homework given in class.
This presentation was very helpful. Explaining the purpose, guidelines, and setting up a template for reconciliation. How to prepare the journal entries were an added bonus.
Superb video with ultra clear explanation! I’m about to train a school leaver for work experience at our firm and this has definitely helped with my preparation !
I have a question about the NSF check. Wouldn't the check usually be recorded as a debit in the company books when they got the check from the customer and the bank would decline to cash it when the company sent it to the bank. Why in this example did the bank withdraw funds from the company when a customer wrote a check that bounced.
Generally banks will take you at your word that the cheque is good and give you the money right away… they then go and try to take the money out of the other account so you would be showing money in your account that the bank hasn’t settled yet. So finally when the bank finds out the other account doesn’t actually have money to pay you it goes “whoops… I’m taking back that money we gave you because we thought this cheque was good” Depending on the country, the banks still use pretty archaic systems that takes a while to do these things.
@@BrandyDudas Thank you so much for your reply! That makes a lot of sense. Great video's! They are really helpful explaining some of the nuances I didn't catch in my classroom learning.
Excuse me but what are the things to be included in computing for the balance of cash account, the cash balance per ledger, cash balance per bank statement, and amount of cash to be reported?
Good job ypu clear my concepts but one problem how to create account on my balance as per cash book basis ( adjust entries) which coulm add on my cash book account please tell me examples. and which state you live in im from NJ.
To the journal entry for the $20,500 part, would it be ok to replace account receivable with "sales revenue/service revenue" ? Or replacing cash with "account receivable"?
Tysm😭 my exams will be next week and I don't know what bank reconciliation means coz my acctg teacher is like a rapper when she teaches us in acctg and you made my problems solved! Tysm again😭 sorry for my grammatical errors
Dear Respected Madam - Brandy, I hope you are fine. I would really appreciate it if you could provide the reason, why the Parker's Pet Emporium bank account has been Debited by 960 if the customer's bank account had no sufficient fund. I am looking forward to hearing from you in anticipation. Thank you. Aziz
Hi Aziz, sorry this is a bit delayed. Let's pretend you are the business and your customer owes you $500. Your customer gives you a cheque for $500 and you deposit it into your account. YOUR bank puts + 500 into your bank account and onto your bank statement right away before checking to see if your customer actually has the money in their account. Your bank then goes and asks the customer's bank for the money from your customer. If everything is fine, the customer's bank takes the money out of the customer's account and puts it into your account. However, if your customer does NOT have the funds in their account, the customer's bank cannot transfer the money to your bank. So basically at this point your bank has given you the money but has not gotten repaid by your customer. So what it does is take the $500 back out of your account. When you see the money coming out of your account for an NSF cheque - it is showing the bank taking back its money essentially. Sorry for the essay - I hope that helps!
I face difficulties to adjust this statement: 1. September 30, 2018 bank statement ABC company balance amounted birr 14,130 whereas cash book showed a balance of Birr 47,890. The accountant investigated the matter, and discovered the following discrepancies. a. Bank charges of Birr 60 had not been entered in the cash book b. Cheque drawn by ABC Company and totaling birr 4,500 had not yet been presented to the bank c. ABC Company had not entered receipts of Birr 5,300 in cash book d. The bank had not credited ABC company with receipts of Birr 1,970 paid into the bank on 30 September 2016 e. Standing order payments amounting to Birr 1,240 had not been entered in the cash book. f. ABC Company had entered a payment of birr 560 in cash book as Birr 650 g. A cheque received for Birr 3,000 from a debtor had been returned by the bank marked “refer to drawer”, but this had not been written back in the cash book h. ABC Company had brought down his opening cash book balance of Birr 6,585 as a debit balance instead of as a credit balance i. An old cheque payment amounting to birr 8,800 had been written back in the cash book, but the bank had already honored it. j. Some of ABC Company partner had transferred unused cash directly to ABC Company bank to settle their advance by direct debit. Unfortunately, the bank had credited some direct debits amounting to birr 16,650 to another customer’s account Required: i. Prepare a statement showing ABC Company’s adjusted cash book balance as at 30 September 2019 Prepare a bank reconciliation statement as at 30, September 2016
Those are outstanding cheques - they will be cleared in the next month's bank statement so this is a timing difference. We subtract them from the bank side to represent that we can't actually spend that money as it's going to come out of our account next month. (the cheques have been sent out to our vendor but the vendor hasn't put the cheque into their bank yet so the funds have not been taken out of our account yet)
at my university, accounting is a weed-out course and your videos is what's getting me and others through it. our professor isn't the best at explaining things and you can take a 1 hour lecture and condense it to under 15 mins. you are the absolute best!
Best Bank Reconciliation video I've seen out there. Great work :)
I wish my professor taught like you 🥺, you’re amazing. Thank you. The textbook does not help but now I feel like a reconciliation queen
Every semester I use this video with my Saudi students who speak English as a second language and they always take really well to it. Thank you.
THE most comprehensible explanation EVER on bank reconciliation among youtube videos. greatly appriciate your time. thank you
Yesss!!! I was so stumped on my homework and somehow turned it into rocket science. Watched your video here and found my balance-Thank you!
Yay! Happy it helped!
*hand clap* and that's how you do it. Straight to the point. It was very clear explained it well. Ready for my exam. Thank you!!!
Learnt more here in 12 minutes than what was taught in a 1.5hr lecture. You are a champion!!! Thank you soooo much Brandy :)
best video!!! thank you. I love the fact that you started from beginning to end with journal entries
Today I missed my accounting lecture and it was the new Study Unit BRS, this tutorial helped a lot cause I'm confident that I'll ace the homework given in class.
wow u made it so easy to understand! thank you
Awesome, I start my first Staff Accounting job tomorrow and really needed this to brush up on cash/ bank reconciliations!!!
I LOVE YOU BRANDY😘😚 YOU REALLY HELPFUL! Writing in less than 3 hours and you've just relieved me🙄😬
This presentation was very helpful. Explaining the purpose, guidelines, and setting up a template for reconciliation. How to prepare the journal entries were an added bonus.
Flip it makes so much sense. That part was always where I got confused.
Hello, I was wondering if you would be willing to do a video on the AVCO method.
Superb video with ultra clear explanation! I’m about to train a school leaver for work experience at our firm and this has definitely helped with my preparation !
Excellent video! I'm an accountant and still like to come review old accounting videos. Great explanation :)
This video is soooo detailed. Excellent job!
Am starting this topic for class and I never thought it was so simple
One of the best accounting videos on youtube...keep it up.
You were very thorough. All bases were covered. Thank you for the refresher course :-)
I have a question about the NSF check. Wouldn't the check usually be recorded as a debit in the company books when they got the check from the customer and the bank would decline to cash it when the company sent it to the bank. Why in this example did the bank withdraw funds from the company when a customer wrote a check that bounced.
Generally banks will take you at your word that the cheque is good and give you the money right away… they then go and try to take the money out of the other account so you would be showing money in your account that the bank hasn’t settled yet. So finally when the bank finds out the other account doesn’t actually have money to pay you it goes “whoops… I’m taking back that money we gave you because we thought this cheque was good”
Depending on the country, the banks still use pretty archaic systems that takes a while to do these things.
@@BrandyDudas Thank you so much for your reply! That makes a lot of sense. Great video's! They are really helpful explaining some of the nuances I didn't catch in my classroom learning.
It is very clear and easy to understand. Thank you so much.
never thought bank reconciliation would be this easy. Thankyou for this video!
Hi there do you have a video on how to process receipts and payments???
best bankrecon video
Excuse me but what are the things to be included in computing for the balance of cash account, the cash balance per ledger, cash balance per bank statement, and amount of cash to be reported?
Best Bank Recon on the web! Awesome and thank you
Wow, I easily understant bank reconciliation now that I watched this video. Thank you so much.
FOR REAL THESE ARE SO INTERESTING AND INSPIRATIONAL!!!!!!
you're my favorite person! this video is beyond helpful and covers everything i need to know for my quiz! thank you
And you are my favorite person for that comment! I hope you did well on your quiz!
Watched this before my exam. Thank you so much
Thanks so much for the wonderful video! Very well made.
You made this so easy to understand. Thank you
This was a solid presentation! It was extremely helpful and simplified. Thank you!
amazing video, thanks Brandy!!!!
"flip it!" We sound like chefs now.
Saved me the night before a big term exam! Very detailed, yet concise.
I like your presentation and teaching style. Thank you. This helped me solidify my learning.
was really good and clear, love the journal entries, just simple the explanation
Good job ypu clear my concepts but one problem how to create account on my balance as per cash book basis ( adjust entries) which coulm add on my cash book account please tell me examples. and which state you live in im from NJ.
To the journal entry for the $20,500 part, would it be ok to replace account receivable with "sales revenue/service revenue" ? Or replacing cash with "account receivable"?
Thanks for sharing the knowledge, very clear and easy to understand!
I actually understood your version, thank you!
Yay! I’m so glad it helped!!
This is the best bank reconciliation lecture. The rest are very confusing.
The best bank Reconciliation video. Thank for sharing!!!
please make a video for every topic in every accounting course just like this thanks
This video was a lifesaver. Thank you Brandy! : )
You are welcome! I never imagined that so many people would watch this when I uploaded it :)
Superb! Clear and concise! Thank you so much!
You express nicelly i like it and i learned .
Great video! so clear, thanks
Btw i always get confused whether in the bank reconciliation i begin my value with a negative or postive
Thank you,for teaching me your ways of doing this and hopeful the is still more coming because I'm subscribing.
Congratulations! it is Out of the ordinary one.
Thank you very much for your explanation. Very simple and straight to the point. Appreciate it keep up the good work 😊
Enx alot brandy may gad b wid yhew dear much love to you and your lesson it is amaizing and dope mehn sharap to wewew3eee 😍😍❤❤👌😍
I'm still really struggling with this one example my instructor gave me. I thought I did everything correctly but the final balances don't add up.
Thank you so much! I have my accounting final tomorrow and this helped a ton! Subscribed :)
Teach when the balance is deference how can we do ?
Question. How come the bank will subtracting too much money when you actual pay for exact amount written on checks?
Super Helpful! Thank You
Very helpful video! Your explanation made it easy to understand.
Thank you that was very helpful.
in 3rd entry it must be accounts payable because your going to pay back to the owner their money.
absolute life saver! thank you for making this video!
Tysm😭 my exams will be next week and I don't know what bank reconciliation means coz my acctg teacher is like a rapper when she teaches us in acctg and you made my problems solved! Tysm again😭 sorry for my grammatical errors
I hope you do really well on your exam!
Great video, made my confused mind after my accounting class make all sense:)
wow,, you are amazing! best lecturer ever
Brandy just love your way of teaching.
Good luck on your finals!
Accounting Videos Thanks but how do you know its my exam?😁
It was a guess! It’s exam season!
Accounting Videos Btw I got over with my exam and it went great. Thanks 🙏
Great video. Easy to understand. Thanks.
Dear Respected Madam - Brandy, I hope you are fine. I would really appreciate it if you could provide the reason, why the Parker's Pet Emporium bank account has been Debited by 960 if the customer's bank account had no sufficient fund. I am looking forward to hearing from you in anticipation. Thank you. Aziz
Hi Aziz, sorry this is a bit delayed.
Let's pretend you are the business and your customer owes you $500. Your customer gives you a cheque for $500 and you deposit it into your account. YOUR bank puts + 500 into your bank account and onto your bank statement right away before checking to see if your customer actually has the money in their account.
Your bank then goes and asks the customer's bank for the money from your customer. If everything is fine, the customer's bank takes the money out of the customer's account and puts it into your account. However, if your customer does NOT have the funds in their account, the customer's bank cannot transfer the money to your bank.
So basically at this point your bank has given you the money but has not gotten repaid by your customer. So what it does is take the $500 back out of your account.
When you see the money coming out of your account for an NSF cheque - it is showing the bank taking back its money essentially.
Sorry for the essay - I hope that helps!
@@BrandyDudas
Hello Respected Madam, It is Okay. Thank you for the clarification. You really deserve love and respect. Be happy forever.
Thank you so much! I learned a lot and I'm so grateful that I found your video :D
I have a question what about if the same cheque recorded on the same side in a bank statement and cash book?
then you dont do anything about it, it is recorded on both sides. You fix what does not match
I face difficulties to adjust this statement:
1.
September
30, 2018 bank statement ABC company balance amounted birr 14,130 whereas cash
book showed a balance of Birr 47,890. The accountant investigated the matter,
and discovered the following discrepancies.
a.
Bank charges of Birr 60 had not been
entered in the cash book
b.
Cheque drawn by ABC Company and totaling birr
4,500 had not yet been presented to the bank
c.
ABC Company had not entered receipts of
Birr 5,300 in cash book
d.
The bank had not credited ABC company with
receipts of Birr 1,970 paid into the bank on 30 September 2016
e.
Standing order payments amounting to Birr
1,240 had not been entered in the cash book.
f.
ABC Company had entered a payment of birr
560 in cash book as Birr 650
g.
A cheque received for Birr 3,000 from a
debtor had been returned by the bank marked “refer to drawer”, but this had not
been written back in the cash book
h.
ABC Company had brought down his opening
cash book balance of Birr 6,585 as a debit balance instead of as a credit
balance
i.
An old cheque payment amounting to birr
8,800 had been written back in the cash book, but the bank had already honored
it.
j.
Some of ABC Company partner had
transferred unused cash directly to ABC Company bank to settle their advance by
direct debit. Unfortunately, the bank had credited some direct debits amounting
to birr 16,650 to another customer’s
account
Required:
i.
Prepare a statement showing ABC Company’s
adjusted cash book balance as at 30 September 2019
Prepare a bank
reconciliation statement as at 30, September 2016
Thanks a lot! That is the best explanation I found on UA-cam!
Very apt and precise. Thank you
101-er here : D Great video!! Completely comprehensible, thank you!
Thanks Ms Brandy!
Great video easy to comprehend 😊😊
YOUR TEACHING IS AWESOME! THANK YOU !
Thanks! Glad you are enjoying the videos!
beautifully done!
Amazing video thank you so much so clear and concise
Thanks for this video. It was very very helpful.
Hi, love your video. helped a lot. keep up the good work. made work so understandable. Thanks !
Are you an accounting student or an entrepreneur?! Tell me in the comments!
Sorry madam how did you 4475$?
Thanks for the video It really helps us to understand about bank reconciliation.....
Thanks for saying that!
tysm. you saved my life!
Koi bata sakta he kya debit kya hotahe
Sweet, it helped a lot, thank you
i’m confused on what you did with the ones that are
Those are outstanding cheques - they will be cleared in the next month's bank statement so this is a timing difference. We subtract them from the bank side to represent that we can't actually spend that money as it's going to come out of our account next month. (the cheques have been sent out to our vendor but the vendor hasn't put the cheque into their bank yet so the funds have not been taken out of our account yet)
quick and clear, coooooool *******
Thanks alot I really needed that
well explained..
thank you! this helped a lot
This is great. Thank you!
Mam can give some tutorials in cash reconciliation plzz
To work as an obgyn is much more interesting. 😀
I believe it!
love your videos, the only ones i go to for accountng :)
Thanks for saying that :) I’m glad they are helping!
Thank you so muchhhh❤❤❤❤
Thank you very much... You help me a alot... 😊😊😊