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Bank reconciliation is the process of comparing a company's cash records with its bank statement to identify discrepancies and ensure accuracy. It involves adjusting the
Bank reconciliation is the process of comparing a company's cash records with its bank statement to identify discrepancies and ensure accuracy. It involves adjusting the company's ledger for items such as outstanding checks, deposits in transit, and bank fees. This process helps detect errors, fraud, and unrecorded transactions, ensuring that the cash balance reported in the financial statements is accurate.
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