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Hello tutor, please I came across this expression in performing audit procedures for cash….trace all outstanding lodgements to the pre- year end cash book,…
Kindly explain what this meansA lodgement is an amoumt paid into the bank. An amount might be paid in on Monday, but not appear on the bank statement until Wednesday because it can take the bank time to process it
If year end was on Tuesday, this amount would appear on the year-end bank reconciliation as an uncredited lodgement. The test is just making sure that the item really exists and has been properly treated.
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