You are reconciling the office checking account with the bank statement that arrived this morning. After accounting for unrecorded deposits, checks, and debits, you find that the total in your practice records is $11,760 and the bank's total is $12, 160. What is the first thing you should do?

Question

Quizplus · Accepted Answer

Reviewing each item on the statement against your records is the first step in identifying and understanding the source of the discrepancy. This process helps in pinpointing the exact cause of the difference, which could be due to unrecorded transactions, errors, or omissions in either the bank's records or your own.

You Are Reconciling the Office Checking Account with the Bank