Why it is important to reconcile your bank statement
- To prevent fraud
- To ensure that the system bank balance is accurate
- To ensure that transactions have been recorded properly
- To ensure that voided transactions have been processed correctly
- To allow quick retrieval/review of bank reconciliation reports
- To allow the user to quickly see which bank statement on which a transaction was cleared
- To get information on outstanding transactions
- To prevent transactions from being voided or deleted in error
- To prevent delay in solving issues related to bank balances or bank transactions
Updated