What is bank reconciliation and why we need to do it?
This is a process of checking the bank statements against the accounting records to make sure all transactions have been recorded correctly.
Bank reconciliation is recommended to carry out on a monthly basis, although if your business has a large number of bank transactions then it is recommended to do it weekly or daily, whichever suits your business best.
Moreover, it is the easiest way to pick up on any suspicious payment going out of your bank account.
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