A bank reconciliation process is whereby you compare your business sales and expenses records against your bank’s records. The process verifies your accounting numbers, ensuring the balance on your books reflects those shown on your bank statement. Businesses ought to run a bank reconciliation process every end month. Once you acquire your monthly bank statement, you should begin the bank reconciliation process by comparing your records with the bank records.
The following bank reconciliation steps will ensure that your company’s books are on par with your bank’s records.
The bank reconciliation process is important in ensuring that accounting records are balanced, and any discrepancies are addressed to identify errors and fraudulent transactions. Moreover, it ensures smooth business operation and paves the way for better relations between businesses and financial institutions.
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