She keeps her checkbook in whole dollars and reconciles, Ask an Expert

Accounting

You are busy reconciling your checking account statement. Noting that you are carrying all your calculations to the penny, your friend is surprised. She keeps her checkbook in whole dollars, and reconciles the account the same way. As long as her checkbook ties to the bank's balance to within a dollar or two, why worry?

Please respond to all of the following prompts:

1. What do you think of this method for a personal checkbook?

2. Would a whole dollar approach be appropriate for a company? Would it matter if it is a large or small company?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941977

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