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ACCOUNTING BEHIND THE SOFTWARE | DAY 8
Why is bank reconciliation important?
Because recording a transaction is only one part of bookkeeping.
You also need to make sure the accounting records agree with the actual bank activity.
A simple process:
Bank Statement
↓
Accounting Records
↓
Compare
↓
Identify Differences
↓
Reconcile
A reconciled bank account gives greater confidence that:
✓ Transactions aren't missing
✓ Transactions aren't duplicated
✓ Incorrect entries are identified
✓ The book balance reflects reality
This is one of the areas where accounting software can save significant time.
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