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Accounting-E

 

This is comparing the bank statement balances to the unreconciled checks and deposits in the Frazer system, similar to balancing a personal check book.  Fees and interest added as part of the reconciliation will create a G/L entry.  Unless the account is changed in the screen, Fees will debit 8380 Bank fees and credit 1000 Cash in Bank.  For Interest earned, the debit will be to 1000 Cash in Bank and, unless changed, will debit 3705 Bank Interest/Dividends. → New dealers should not need to use the back in method.