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Post Info TOPIC: Bookkeeping Question - Reconciling Bank Statement
Jay3


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Posts: 133
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Bookkeeping Question - Reconciling Bank Statement
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Hi 

I'm prepping some books for a friend his business transaction go through his personal accounts so I'm just wondering how to reconcile the bank statements to what he said he has banked.

 

I think I need to look at the balance at the year end on the bank statement work out the difference and put the balance to drawings or something like that?

 

So if in the year amounts banked = £20,000 but the balance in the bank account which includes a mixture of personal and business related transactions = 9,000 would I just assume £11,000 = drawings? Is that how I would do it? My cash in bank should then = the bank statement balance of 9,000.

 

Thanks

Jay



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FoxAccountancyServices


Expert

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Posts: 2021
Date:
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Hey Jay

You dont reconcile the personal account, only the business account? You just list the business items on the personal statement and post to capital introduced and drawings or net off.

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Jay3


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Posts: 133
Date:
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Thanks, I think I've got it. Cheers :)

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