I am trying to make a bank reconciliation for my acct homework and I can't balance so i'm trying to figure out what i did wrong.
2007-07-17 16:16:03 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
A Deposit in transit is a deposit the bank doesn't know about yet and a outstanding check is a check the bank doesn't know about yet.
2007-07-17 16:19:51 · answer #1 · answered by shipwreck 7 · 0⤊ 1⤋
An outstanding check is one that is written but has not cleared the bank statement yet. A deposit in transit is a deposit that was "made" but has not shown on the bank statement yet. Take your bank statement balance, add your deposits in transit, and subtract your outstanding checks. This would be your correct balance and should equal what is on your books or as your checkbook balance. If it does not, run a checkbook balance with a calculator and tape. Make sure the check amounts recorded match the amount that clears the bank. Also make sure your deposits recorded match the amount on the bank statement.
Sometimes walking away and starting the whole process over helps you find the error.
2007-07-17 16:26:15 · answer #2 · answered by ? 4 · 1⤊ 0⤋
Outstanding Check
2016-10-02 02:18:27 · answer #3 · answered by ? 4 · 0⤊ 0⤋
An outstanding check is a check that you have written but has not been cashed by your bank yet. A deposit in transit is a deposit that you have made that is not yet reflected in your bank balance.
The outstanding check reduces your balance, and the deposit in transit increases your balance.
2007-07-21 10:56:27 · answer #4 · answered by amaya7 5 · 0⤊ 0⤋
An outstanding check is one that is in the ledger but has not cleared the account yet.
Deposits in transit are deposits in your ledger that have not posted to your account yet.
2007-07-17 16:23:19 · answer #5 · answered by bwk_wcp 1 · 0⤊ 0⤋
OUTSTANDING CHECK IS A CHECK THAT HAS BEEN WRITTEN AND HAS NOT BEEN CASHED. DEPOSIT IN TRANSIT IS A DEPOSIT THAT IS PENDING
2007-07-17 16:19:51 · answer #6 · answered by mariaaa 2 · 0⤊ 0⤋