ToolBox CS
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You can use this calculator to reconcile client bank statements. In addition to the reconciliation, you can create reports for deposits in transit, outstanding checks, and debit charges.
Example
A small business owner is having trouble reconciling a statement and may have overlooked some financial transactions. What is the difference between the books and the financial statements from the bank?
| Field | Input |
|---|---|
| Add deposits in transit: date of 7/23/2016 | $1200.00 |
| Add deposits in transit: date of 7/25/2016 | $22.50 |
| Subtract outstanding checks/debit charges: Check 500 | $350.00 |
| Subtract outstanding checks/debit charges: Check 501 | $250.00 |
| Subtract outstanding checks/debit charges: date of 7/30/2016 | $42.50 |
| Bank balance per books | $3200.00 |
| Interest Income | $11.50 |
| Other: Cash Deposits | $1200.00 |
| Bank service charges | $32.50 |
| Other: Payables | $500.00 |
In this example, the Reconciling difference/adjustment is $-99.00.
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