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bank reconciliation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › bank reconciliation

  • This topic has 3 replies, 2 voices, and was last updated 4 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • April 25, 2021 at 6:29 am #618778
    ABA375
    Participant
    • Topics: 19
    • Replies: 23
    • ☆

    Hi Mr John,

    Could you explain the Direct Credits, please?

    I have watched your lectures and I understood what is the direct debit. However, I slightly have doubts about direct credits. I would be happy if you explain it with some examples.

    Thank you !!!!

    April 25, 2021 at 8:32 am #618799
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    Direct credits are not common in the exam (even though they are in real life) but are where money is sent directly into your bank account.
    For example, if a customer pays us money, then instead of posting us a cheque for payment they might send the money directly to our bank account.

    If we receive a cheque, then we enter into our cash account as soon as we receive it.
    If they pay directly into our bank account then we do not know we have received the money until we see the bank statement and so it is only then that we will enter it into our cash account.

    April 26, 2021 at 6:09 am #618851
    ABA375
    Participant
    • Topics: 19
    • Replies: 23
    • ☆

    Thank you!!!

    April 26, 2021 at 7:23 am #618868
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘bank reconciliation’ is closed to new replies.

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