The business owner did not have proper documentation

Assignment Help Financial Accounting

Reference no: EM131206438

Here is a scenario from a prior classmate. Her sister owned her own business and could not figure out why she kept getting NSF fees from her bank. She was constantly transferring money and never knew why this was happening. She never completed a bank reconciliation since they opened over 10 years ago. This student went back to when this business stated, and found they had a deposit of $90,000 that was deposited but never recorded by the bank. This was a transaction over 10 years ago. One may wonder, how in the world does that happen?? Luckily for the business owner, she had everything filed with proof of this deposit. They went into the bank and handed all of the documentation proving this error. In the end, the bank had to fix all fess that went into their account.

A-Imagine you are the bank teller, what thoughts would you have on investigating an error that occurred over 10 years ago?

B-How could this have been prevented?

C-What do you think would happen if the business owner did not have proper documentation?

Reference no: EM131206438

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