Question

A proof of cash includes four reconciliation tasks. List them below:

1.) Reconcile the balance on the bank statement with the general ledger balance at the beginning of the proof-of-cash period

2.) Reconcile cash receipts deposited per bank with the receipts recorded in the cash receipts journal for a given period.

3.) Reconcile electronic payments and cancelled checks clearing the bank with those recorded in the cash disbursements journal for a given period.

4.) Reconcile the balance on the bank statement with the general ledger balance at the end of the proof-of-cash period.

Answer 1

A proof of cash includes four reconciliation tasks: reconciling the beginning and ending balances of the bank statement with the general ledger, reconciling cash receipts deposited with receipts recorded, reconciling electronic payments and canceled checks with recorded disbursements, and reconciling the ending balance of the bank statement with the general ledger.

Step-by-step explanation:

A proof of cash includes four reconciliation tasks:

1. Reconcile the balance on the bank statement with the general ledger balance at the beginning of the proof-of-cash period
2. Reconcile cash receipts deposited per bank with the receipts recorded in the cash receipts journal for a given period
3. Reconcile electronic payments and cancelled checks clearing the bank with those recorded in the cash disbursements journal for a given period
4. Reconcile the balance on the bank statement with the general ledger balance at the end of the proof-of-cash period