Before you understand the Bank Reconciliation Process it is important to understand what is account reconciliation and why it is carried out.
Account Reconciliation Process
Account reconciliation is defined as analysis of the ending balance of an account with appropriate supports and documented explanation.
Proper completion of the Account Reconciliation Process is fundamental to ensuring the balance sheet is properly stated.
Definition of Account Reconciliation
Analysis of the ending balance of an account with appropriate supports and documented explanation.
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What is Account Reconciliation?
Before you understand the Bank Reconciliation Process it is important to understand what is account reconciliation and why it is carried out.
In the previous article we talked about the meaning of the account reconciliations. Now as you now the definition of account reconciliation, in this article let us see why it is carried out.
Bank Reconciliation is a PROCESS to Validate the bank balance in the general ledger With Bank Statement. Learn the bank recon process.
Cash Management - Integrations
Cash Management integrates cash transactions from various sources like Receivables, Payables, Treasury and creates reconciliation accounting entries after matching transactions with Bank Statements.
So many codes in the lines that are there in a Bank Statement. It contain lots and lots of meaningful information that can help automated many tasks. Explore more!
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