Bank reconciliations play an important part in the internal cash controls of a business. For this reason they should be done at regular intervals. Broadly speaking, there are four key steps in the bank reconciliation process: (1) gather the information (2) identify the discrepancies (3) update the business accounting records (4) prepare a bank reconciliation statement.
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Scooped by
Peter John Baskerville
onto Basic Accounting Concepts December 25, 2011 3:10 PM
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