purpose of a bank reconciliation
Why do some restaurants offer customers a free meal if they are not given a receipt?
What is the purpose of a bank reconciliation? When speaking to an account manager and she/he told you they don't have time to reconcile the bank account every month, how would that need to be encouraged to be done?
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Hi there,
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<br>What is the purpose of a bank reconciliation?
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<br>Prepare a bank reconciliation when you receive your bank statement every month. This is a very important part of your cash control procedures. It verifies the amount of cash you have in your checking account.
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<br>The cash balance in your books will never agree with the balance shown on the bank statement because of the delay in checks and deposits clearing ...
Solution Summary
This question involves the fundamentals of accounting