Question
Your small business client owns a moving company and is preparing financial statements to show the bank for his 3rd month in business. You know
Your small business client owns a moving company and is preparing financial statements to show the bank for his 3rd month in business. You know that he has incurred a vehicle repair expense during the month, but you see no such expense on the books he wants to present to the bank. When you double check with the business owner, he tells you that he has not yet paid the $1,705 bill and probably won't until next month.He shares with you that he does not want the $1705 deducted from the books because he wants to show a clear profit to the bank. How would this impact the banking reconciliation process?
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