In a reconciliation, if there are deposits made after the closing date of the statement, you should:
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Identify the Deposits: Clearly identify all deposits that were made after the statement's closing date.
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Record the Deposits: Note these deposits separately in your reconciliation, indicating that they are not included in the bank statement balance.
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Adjust the Balances: When calculating your adjusted balance, add these deposits to your book balance. This will give you an updated balance that reflects all transactions up until your reconciliation date.
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Reconcile: Proceed to reconcile the adjusted book balance with the bank statement balance. The goal is to ensure that both balances agree after accounting for all transactions, including the late deposits.
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Document for Future Reference: Keep a clear record of these late deposits for future reference and to ensure they are monitored in subsequent reconciliations.
By following these steps, you can accurately complete your reconciliation while accounting for any deposits made after the closing date of the bank statement.