WITAXLADY Posted March 15, 2021 Report Share Posted March 15, 2021 Ok - this is one of those I should know this- really dumb questions.. brain shut down Business is cash basis, pays all her bills 12/31/20 Is cash on hand - what is in actually in her bank or in her checkbook after she subtracts the checks she just wrote 12/30/20? (plus the savings, cash, etc.. ) Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 15, 2021 Report Share Posted March 15, 2021 in her checkbook after she subtracts the checks she just wrote 12/30/20, plus the savings, cash, etc. 2 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 15, 2021 Report Share Posted March 15, 2021 Plot twist: She actually wrote the check on 1/2 and backdated them to 12/30. 3 Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 15, 2021 Report Share Posted March 15, 2021 1 hour ago, Abby Normal said: Plot twist: She actually wrote the check on 1/2 and backdated them to 12/30. You really think a client would actually do something like that 4 1 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 15, 2021 Report Share Posted March 15, 2021 Never! I'd be shocked, really shocked! 4 1 Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted March 16, 2021 Report Share Posted March 16, 2021 On 3/15/2021 at 10:56 AM, Abby Normal said: Plot twist: She actually wrote the check on 1/2 and backdated them to 12/30. I am not surprised, but why on earth did she ever admit to that if she was going to do it in the first place? Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 16, 2021 Report Share Posted March 16, 2021 Perhaps she had a guilty conscience and had a uncontrollable impulse to confess ? Sometimes clients do crazy stuff! 1 Quote Link to comment Share on other sites More sharing options...
Slippery Pencil Posted March 16, 2021 Report Share Posted March 16, 2021 3 hours ago, Gail in Virginia said: I am not surprised, but why on earth did she ever admit to that if she was going to do it in the first place? Pretty sure that post was a joke as it wasn't made by the OP. 2 Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted March 16, 2021 Report Share Posted March 16, 2021 6 minutes ago, Slippery Pencil said: Pretty sure that post was a joke as it wasn't made by the OP. Did not notice the change in posters - I have had clients tell me stupid stuff and then I have to tell them something they don't want to hear. 3 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted March 17, 2021 Author Report Share Posted March 17, 2021 aaarrgg - so you did not answer my stupid question - is the amount of her cash what is in her back account plus her savings account per the bank on 12/31/20 - per the bank or what she has calculated after writing the checks out and they have not cleared??? Or what she has after balancing the bank statement Is it literally what she should have after the expenses clear - or what the bank says? D Quote Link to comment Share on other sites More sharing options...
Slippery Pencil Posted March 17, 2021 Report Share Posted March 17, 2021 6 minutes ago, WITAXLADY said: aaarrgg - so you did not answer my stupid question - JKL answered your question in the first reply. The balance sheet amount is the reconciled cash balance, not what is on the bank statement. 1 Quote Link to comment Share on other sites More sharing options...
jasdlm Posted March 17, 2021 Report Share Posted March 17, 2021 1 hour ago, WITAXLADY said: aaarrgg - so you did not answer my stupid question - is the amount of her cash what is in her back account plus her savings account per the bank on 12/31/20 - per the bank or what she has calculated after writing the checks out and they have not cleared??? Or what she has after balancing the bank statement Is it literally what she should have after the expenses clear - or what the bank says? D If you don't use the reconciled balance (the balance after all checks she wrote/deposits she made during the year are accounted for), your balance sheet will not balance, because your expenses will affect net income but your cash will not reflect the subtraction of those expenses. 1 Quote Link to comment Share on other sites More sharing options...
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