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hi, im so confused about these two and might sound like silly question but really need help 🙁
is unpresented cheque “Paid but not banked in yet to the bank”
and
outstanding lodgement “Paid but bank not record in bank statement”
Almost.
An unpresented cheque has been entered in the cash account as a payment but has not appeared as a payment in the bank statement.
An outstanding lodgement has been entered in the cash account as a receipt, but has not yet appeared as a receipt on the bank statement.
This is all explained in my free lectures on bank reconciliations. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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