Bank Reconciliation - Why Bank Reconciliation is Important

Why Bank Reconciliation is Important

Bank reconciliation is the procedure of comparing and matching figures from the accounting records against those shown on a bank statement. The result is that any transactions in the accounting records not found on the bank statement are said to be outstanding. Taking the balance on the bank statement adding the total of outstanding receipts less the total of the outstanding payments this new value should match to the balance of the accounting records.

Bank reconciliation lets companies or individuals to compare their account records to the bank's records of their account balance in order to expose any possible discrepancies. Discrepancies could contain: cheques recorded as a lesser amount than what was presented to the bank; money received but not lodged; or payments taken from the bank account without the business's knowledge. So, it becomes necessary to do bank reconciliation frequently.

After the alterations are made to the balance of the company's Cash account and to the balance per the bank statement, the two adjusted balances should agree. If they are the same, you have reconciled the bank statement.

We specialize in solutions:

Reconciliationaccounting will work closely with you to adjust your bank reconciliation statement in your bank statement and prepare financial statement. Bank reconciliation statement benefits businesses to reduce the amount of unutilized cash in suspense accounts. We offer a reasonable, automated substitute to time consuming, mistake-prone manual reconciliations.

What we do:

Reconciliationaccounting imports your bank and general ledger data and matches them. Then, you can recognize, track and resolve exceptions. It similarly provides step-by-step instructions and our friendly support staff gets you up and running rapidly and effortlessly.

BSI operating all your accounting bank reconciliation transaction needs

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