Question

1. What do you call to the process of transferring journal entry information from the journal...

1. What do you call to the process of transferring journal entry information from the journal to the ledger?

2.How would an NSF cheque be recorded on a bank reconciliation?

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Answer #1

1. The process of transferring journal entry information from the journal to the ledger is called Posting.

2. NSF Cheque:

  • The company should decrease the balance as per books in order to reconcile.
  • An NSF (not sufficient funds) cheque is a cheque that is not honored by the bank of the person writing the cheque due to insufficient funds.
  • When the NSF cheque comes back to the bank in which it was deposited, the bank decreases the account balance of the company which had deposited the cheque.
  • Therefore, the company should decrease the balance as per books in order to reconcile the balance with bank statement.
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