Question

in bank reconciliation an EFT cash receipt is

Answer 1

In reconciliation statement an EFT cash receipt is added to the company's cash book.

EXPLANATION

EFT is electronic fund transfer. It uses computer and electronic technology for transactions rather than cheques and papers.

When we receive any receipts through electronic technology this is known as EFT.

As bank has entered the EFT transaction it results decreased balance in cash book of company so to reconcile the cash book with the bank balance we have add the EFT receipts in our cash book.

Thus EFT cash receipts is added to cash book.