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These could be balance sheet accounts like cash, accounts payable, accounts receivables, credit cards, etc. Gather Supporting Documentation: Gathering necessary documents like bank statements, sub-ledger entries, vendor invoices, payment schedules, and other financialrecords.
After noting the discrepancies flagged by the general ledger and the bank statement, note how the bank account balance changes over the next few days. Ascertain the impact and note any unnoticed entries that hit the bank account. These need to be adjusted in the company's records. Why is Bank Reconciliation Important ?
What Is a Bank Reconciliation Statement? A bank reconciliation statement is a financial document that compares the company's cashbook with the bank statements to ensure accuracy and consistency in financialrecords. These transactions were recorded on January 3, 2024.
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