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Unrecorded Transactions

An accounting term referring to the fact that an economic transaction for a particular ledger has yet to be recorded in that ledger. This is very common with the cash account for several different types of activities. Good examples include the use of a debit card in a purchase which is recorded at the bank but has yet to be recorded in the respective expense and then the credit to the cash account in the business books.

Bookkeeping – Bank Reconciliations (Lesson 47)

03/03/2017

An essential task of bookkeeping is making sure the ledger accounts for cash reconcile to the bank.   Your average person believes that this is a monthly task.    Well in the private world, this may be true.   But in small business, this is a [...]