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Bank Reconciliations

A bank reconciliation  is the process of matching the balance in an entity’s accounting records to the corresponding information on the bank statement. Bank reconciliations will detect any discrepancies between your accounting records and your bank account.

A bank reconciliation should be completed regularly for all bank accounts including credit cards, to ensure that a company’s records are correct.

The information that is derived from a bank reconciliation can be used to design better controls over the receipt and payment of cash. Regular bank reconciliations will highlight any irregularities such as unauthorised withdrawals and assists in the regular monitoring of cash flows of a business.