Bank Account Reconciliation

Bank account reconciliation is the process of checking and matching your personal or business financial records with your bank statement to ensure they align accurately.

Bank account reconciliation is a financial process that involves comparing and matching the transactions recorded in a company's accounting records with the corresponding entries in its bank statements.

The purpose of this reconciliation is to ensure the accuracy and consistency of financial data between the organisation's internal records and the information provided by the bank.

You go through each item, making sure they match up. If there's a difference, you figure out why. Maybe there's a check you wrote that the bank hasn't processed yet, or there's a mistake in your records. Common reasons for discrepancies may include outstanding checks, unprocessed deposits, or errors in recording transactions.

The goal is to make sure the amount of money in your records is the same as what the bank says you have. This process is crucial for identifying errors, detecting fraudulent activities, and maintaining the overall financial integrity of an organisation's accounting records.

Doing this regularly is like keeping tabs on your money health. It helps catch mistakes, prevents fraud, and makes sure your financial records are in good shape. It's a smart way for businesses to keep their finances in check.

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