Bank Reconciliation 

1. What is it - It is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time. 

2. Why is it useful - It helps in identifying errors such as double payments, missed payments or calculation errors, it aids in detecting any fraudulent activity and ensures that your financial records are accurate and up to date. 

3. What types of accounts most commonly reconciled - The most commonly reconciled accounts are the cash and bank accounts, and others account like accounts receivable, accounts payable... 

4. Getting Started 1. You can locate the Reconciliation function where?

Answer rating: 100% (QA)

4 Getting Started You can locate the reconciliation function in most accounting software programs un... View the full answer