A bank reconciliation process involves comparing your business’s sales and expense records with your bank’s records. The process verifies your accounting numbers, ensuring that the balance on your books reflects those shown on your bank statement. Companies must carry out a bank reconciliation process every end of the month. Once you get your monthly bank statement, you should begin the bank reconciliation process by comparing your records with the bank records.
Steps in the bank reconciliation process
The following bank reconciliation steps will ensure that your business books are on par with your bank’s records.
The bank reconciliation process is important to ensure that accounting records are balanced and that any discrepancies are addressed to identify errors and fraudulent transactions. In addition, it ensures smooth business operation and paves the way for better relationships between companies and financial institutions.
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