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\"reconciliation<\/p>\n

It\u2019s recommended a business with a high number of cash transactions reconcile more frequently to avoid mistakes. The entries in the statement stop being the cause of discrepancies after a few days. Bank reconciliation statements safeguard against fraud in recording banking transactions. The bank reconciliation statement explains the difference between the balance in the company’s records and the balance in the bank’s records. You need to determine the underlying reasons responsible for any mismatch between balance as per cash book and passbook before you record such changes in your books of accounts.<\/p>\n

Ready to save time and money?<\/h2>\n

Infrequent reconciliations make it difficult to address problems with fraud or errors when they first arise, as the needed information may not be readily available. Also, when transactions aren’t recorded promptly and bank fees and charges are applied, it can cause mismatches in the company’s accounting records. Interest is automatically deposited into a bank account after a certain period of time. So the company\u2019s accountant prepares an entry increasing the cash currently shown in the financial records. After adjustments are made, the book balance should equal the ending balance of the bank account. Before you reconcile your bank account, you’ll need to ensure that you’ve recorded all transactions from your business until the date of your bank statement.<\/p>\n

Write up the Cash Book<\/h2>\n