How to map the balances in statutory accounts?

How to map the balances in statutory accounts?

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Hi,  

When i [prepare the statutory accounts, there are closing balances in company debit card account, company credit account and undeposit account ( which is the account to record all the cheque/ credit card payments received from the customers, but have not been deposited or shown on the bank statement  yet) . How to map these balances? Should the balances be allocated as the part of bank balances in the statutory accounts or the part of other debtors/ creditors.

Thank you

Andrew London

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By johngroganjga
08th Jun 2015 09:54

The debit card transactions are just uncleared payments out of the bank account and should be in "cash at bank".

The credit card balance is "other creditor".

The "undeposit account" as you call it sounds like the difference between the bank statement balance and what your cash book balance should be - i.e. the reconciling items that would be in your bank reconciliation.  Presumably the pure bank balance in your books is always the same as the bank statement balance?

If my understanding is right your "undeposit account" is "cash at bank". 

 

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Replying to richard.snape:
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By Andrew London
08th Jun 2015 23:22

Thanks.

Yes, undeposited account is the cheque / credit card payments received from customers, these payments have not been shown on the bank statement yet.

 

Andrew

 

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