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A bank reconciliation involves matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. Bank reconciliation is a process that ensures the accuracy of a company’s financial records. It involves comparing the bank statement with the company’s accounting records to identify any discrepancies between the two. The purpose of bank reconciliation is to ensure that all transactions have been recorded correctly and that the company’s financial statements are accurate. […] Learn how to compare and adjust the cash balance on a company's balance sheet with the bank statement using a bank reconciliation statement. See the reasons for the difference, the steps to reconcile, and an example with journal entries. A Bank Reconciliation Statement (BRS) is an essential financial document. It compares the bank balance as per a company’s records to the balance reported by the bank. The purpose is to ensure accuracy and identify discrepancies. Let’s explore its importance, steps to prepare, and common errors.
