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Bank Account Reconciliation – 10 Smart Steps to Smooth up your Process
Doing bank account reconciliation is one of the most hectic and important tasks in accounting. With credit card and bank account reconciliation of your firm, you will come to know that any extra charges imposed by the bank or any fraudulent transaction or same entry are entered twice of any outstanding check. It ensures you that whether your books of accounts match with your bank statement.
By doing reconciliation at the end of every financial period you can have a better understanding of the internal working system of your business, not only this, but it will also help you to protect yourself from any legal trouble and give an idea to make policies so that you can keep both the accounts identical. There is no particular formula for doing reconciliation, it depends on your business nature.
But by following these 10 practices you can definitely smooth up your next reconciliation process.
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