Account week 2 discussion 2

Accounting
Tutor: None Selected Time limit: 1 Day

What is the purpose of a bank reconciliation?  What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? 

Oct 21st, 2014

A bank reconciliation is used when you need to prove consistency between your accounting records and your bank in all accounts. The differences between cash reported in the accounting records and the cash balance is that sometimes cash is recorded in one month and then not on the bank statement in another month. This happens in most companies when they write over 100 cheques per month. In addition, if the amounts and balances are exactly the same on your bank statements and in your accounting records, you have successfully reconciled the bank.

Oct 21st, 2014

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Oct 21st, 2014
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Oct 21st, 2014
Dec 4th, 2016
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