Question

timing differences discovered when reconciling the bank statement that the bank has not recorded yet, include:

Answer 1

Timing differences discovered when reconciling the bank statement that the bank has not recorded yet, include: deposits, withdrawals, and bank fees that are not yet reflected in the bank's account records.

Step-by-step explanation:

When reconciling the bank statement, timing differences refer to transactions that have occurred but are not yet recorded by the bank. These differences can include deposits, withdrawals, or other transactions that have not been reflected in the bank's account records. Some examples of timing differences discovered during the reconciliation process are:

1. A deposit made by a customer at the end of the month that is not processed by the bank until the following month.
2. A check written by a customer is not presented to the bank for payment until a few days later.
3. A bank fee was charged to the account but not yet posted to the bank statement.

These timing differences can lead to discrepancies between the bank statement and the bank's account records, which need to be reconciled to ensure accurate financial reporting.