New Jersey Forensic Accountant Robert A. Bonavito Explains How Bank Accounting Works
Most people are confused by bank accounting. Sure, we know how company accounts work because we have our own personal and/or business accounts, but bank accounting is different. Banks are making a lot of money. When trying to understand the way bank accounting works, the trick is to look at bank accounting in the opposite way you would look at your own accounting.
Everything from the bank standpoint is the opposite of what you do for your own finances. Credits are bad for a bank while debts are good. Banks make money off of interest. The #1 revenue driver for banks is interest income. The #2 revenue driver is bank fees. That being said, a bank's biggest expense is interest expense. Banks can make quite a profit by marking interest up.
If you have any questions about bank accounting, feel free to contact Robert or visit www.rabcpafirm.com/practices/f....
Robert A. Bonavito, CPA
1812 Front St.
Scotch Plains, NJ 07076
908-322-7719
www.rabcpafirm.com/?...
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