For example, a restaurant or a busy retail store both process a lot of transactions and take in a lot of cash. They might reconcile on a daily basis to make sure everything matches and all cash receipts hit the bank account. On the other hand, a small online store—one that has days when there …
Once the adjusted balance of the cash book is worked out, then the bank reconciliation statement can be prepared. Bank reconciliation statements compare transactions from financial records with those on a bank statement. Where there are discrepancies, companies can identify and correct the source of errors. Interest is automatically deposited into a bank account after …
Bank Reconciliation: Definition, Example, and Process Read More »
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