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Accounting question. Do we have to do a bank reconciliation for period 13? |
Accounting question. Do we have to do a bank reconciliation for period 13? It depends how your system works. Some businesses work on doing a 4 weekly bank reconciliation so what ever is left to reconcile up to your accounting year end will be in the 13th period's bank rec. Most Bank Statements cover a full month so you start your bank rec from Month 1 of your financial year right through the 12 needed to complete until your financial year end. I'm not sure if some banks do 4 weekly statements, obviously if yours does then you will end up with roughly 4 weeks to reconcile in your 13th period. You must recononcile this or yours figures for the start of the next financial year will be wrong and you will not be able to balance this year's figures up either. Personally I find a 13 period system awkward and find it tends to work best in payroll only. Feel free to email any figures if you are having trouble with bank recs, I like a puzzle!! Yes there is no need to do a 13th bank rec. If your statement only goes up to the 30th July, just use the next months statement to include the 31st and do it from there, all on one bank rec. |
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