Bank Reconciliation

DefinitionA bank reconciliation is a document that matches a company’s cash balance on its balance sheet to the equivalent amount on its bank statement. Bank reconciliation is done at intervals to ensure transparency and accuracy in a company’s cash records. Also, reconciling the balance sheet and bank statement would help identify possible account changes that are needed (if any), and spot fraudulent cash manipulations.Understanding Bank ReconciliationThe purpose of a bank reconciliation is to determine the differences between a company’s balance sheet (accounting records) and bank statements and to appropriately record changes to the accounting records. It always happens that when…
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