Discuss the purpose of a bank reconciliation.
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The bank reconciliation helps you find out if what you have recorded in the books of the firm matches what has cleared the bank. This permits you to fix errors, on the bank or the firm's part, and update for items that are not yet reflected such as deposits in transit or checks written that have not cleared yet. (Watkins 2011)
There are several purposes of a bank reconciliation. First, the bank reconciliation assists in computing the correct cash balance for the financial statements. The reconciling items are useful in correcting ...
Your tutorial is 308 words and includes two references. Three purposes of a bank reconciliation are discussed.