💥Bank Reconciliation Cheat Sheet → https://accountingstuff.com/shop Join me in this episode of Accounting Basics for Beginners as I show you how to do a Bank Reconciliation from scratch. In this Bank Reconciliation tutorial, you'll hear the definitions of Bank Statement and Cash Book and learn why the following situations can cause differences between these two reports... ▪ Omissions ▪ Timing Differences ▪ Errors You'll then find out how the Bank Rec is useful in terms of calculating the 'True Cash Value' of a business. And finally, I'll show you how to prepare the Bank Reconciliation using 7 steps... The techniques that you'll discover in this Bank Rec tutorial can be applied in your own work to easily reconcile the Bank Statement to the Cash Book. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:58 - Bank Statement Definition 01:14 - Cash Book Definition 01:52 - Why do the Bank Statement and Cash Book disagree? 03:38 - What is a Bank Reconciliation? 04:03 - Why is a Bank Reconciliation necessary? 04:23 - When are Bank Reconciliations done? 05:29 - Step 1 - Get copies of the Bank Statement and Cash Book 06:20 - Step 2 - Bank Reconciliation template 07:48 - Step 3 - Tick all matching transactions 08:28 - Step 4 - Calculate adjusted Bank Statement balance 10:28 - Step 5 - Calculate adjusted Cash Book balance 13:07 - Step 6 - Check that the adjusted totals match 13:43 - Step 7 - Prepare the necessary Journal Entries 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N ▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7 ▪ Xero (FREE TRIAL) → https://xeroamericas.grsm.io/ck90eoq1r6tu 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/thisisaccountingstuff/ 🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist →    • ACCOUNTING BASICS for Beginners (Whol...   ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff