C14: Bank reconciliation statements

A copy of a customer’s account in the books of the bank which is sent to the customer at regular intervals.

• Standing order

• Statement of account

• Bank statement

• Direct debit

Money being paid into the bank account.

• Deposit

• Debit

• Withdrawal

• Credit

Money being taken out of the bank account.

• Deposit

• Withdrawal

• Debit

• Credit

Payments and receipts made by the bank that have not been recorded in the cash book.

• Omitted items

• Included items

• Updated cash book

• Bank statement

Amounts paid into a business’s bank statement, but which have not yet been recorded on the bank statement as credit entries.

• Uncredited deposits

• Uncredited cash book

• Unpresented cheques

• Undebited cash book

Cheques issued by the business but not presented by the payee to the bank.

• Uncredited cheques

• Uncredited deposits

• Unpresented cheques

• Unpresented amounts

Errors have been made (either by the bank or, more likely, by the business).

• Unpresented cheques

• Uncredited deposits

• Updated cash book

• Errors

A fee the bank has charged, for example, fees for maintaining the account, overdraft processing fees and fees for cashing overseas cheques.

• Bank charges

• Interest payable

• Service charges

• Bank fee

Some banks pay interest on money kept in a bank account. This is based on the balance in the bank account as well as the interest rate.

• Interest payable

• Interest receivable

• Interest received

• Interest paid

The automatic transfer of funds into a business’s bank account by one of the business’s customers.

• Standing order

• Direct debit

• Dividend

• Credit transfer