Bank reconciliation helps find mistakes or differences between the company's records and the bank statement such as transactions omitted, entries made twice, and long outstanding unpresented cheques.
Bank reconciliation is a method of closely comparing your company's records with the actual bank statement. This process involves checking both sets of records to ensure they align and match accurately.
Bank reconciliation is important due to:
Bank reconciliation helps find mistakes or differences between the company's records and the bank statement such as transactions omitted, entries made twice, and long outstanding unpresented cheques.
Regular bank reconciliation can uncover fraudulent activities, like unauthorized transactions or theft. By comparing the company's records with the bank statement, any discrepancies caused by fraud can be spotted.
Bank reconciliation ensures records truly show the company's money situation, builds reliable financial information enhances the credibility of a business, and gives confidence to management and stakeholders.
Bank reconciliation helps ensure compliance with accounting standards and provides a transparent audit trail for external auditors.
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