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Do an initial bank reconciliation
> Task 1: Identify uncleared withdrawals and deposits
Task 1:
Identify uncleared withdrawals and deposits
Compare your banking source information (such as your checkbook and deposit book) with your bank statements for the period that includes your conversion date. If you find transactions that have not been cleared by your bank as of this date, you will need to record the details of these transactions in your company file.
For example, in December, the month prior to your conversion month, you wrote a check for $1,000 and deposited $500 you received from a customer. If these transactions had not appeared on a bank statement by December 31, you need to record both transactions in your company file.
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Do an initial bank reconciliation
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