What are the reasons for bank reconciliation?
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Is bank reconciliation still relevant in business today?
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Solution Summary
A bank reconciliation is a process whereby business and bank compare their cash account and bank records to validate that they agree. If not, the process of checking for the differences is done, errors corrected, and required adjustment is made to the accounts.
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Today, online banking has modernized banking od the past. Checks are becoming obsolete as customers use Automatic Teller Machine (ATM), and drive-through tellers to deposit and withdraw cash and checks. Increasingly, businesses and individuals use credit cards or debit cards to pay bills instead of checks. Therefore, the need for writing checks for business transactions is rare; thus, the reason that bank reconciliation practice is becoming obsolete.
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- MA, Capella University
- BA, Empire State College, NY
- MBA, Empire State College, NY.
- PhD , Concordia University
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