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Chapter 8 | Banking


Learning Objectives:

Recording Bank Deposits

In the normal course of business, you will be depositing Cash and Cheques collected from the customer into the Bank Account. This needs to be recorded into the Accounting Software.

This section will show you how a bank deposit is recorded in Moiboo Software.

Recording Bank Withdrawals

Often, Cash is withdrawn from the Bank account for Petty Cash Expenses or to make other payments in Cash. When Cash is withdrawn from the bank, It needs to be recorded into the Accounting Software. This section will show you how a Bank withdrawal is recorded in Moiboo Software.

Recording Cheque Returns

Since we record every cheque which is deposited into the bank, it is important to reverse it if the cheque issued by a customer returns from the bank. This means that the customer account has to be reversed and the Bank balance reduced. This section will show you how a Cheque return is recorded in Moiboo Software.

Reconciling Bank Transactions

The Balance shown in the Bank Ledger of the software and the Actual Balance in the Bank does not tally often. At the end of every month, it is habitual to do a Bank Reconciliation to ensure that these transaction are accounted and to ensure that the Bank Account shows a true and correct picture. This section shows you how reconciliation is made.

Practicals

  • Record a bank deposit
  • Record a cash withddrawal
  • Record a cheque return
  • Enter 10 bank transaction
  • Reconcile with bank statement

Test

Take a quick 10 question test to evaluate how well you have understood the concepts