Account Reconciliation is the process of ensuring bank statements balance with its internal accounting statements. This is one of the most important managerial accounting tasks any business can perform, because it helps maintain accurate and timely bookkeeping.
- Compare trial balance with mature schedule
- Review general ledger entries
- Obtain readily available data for internal audit reconciliation
| BENEFITS | |
|---|---|
| Savings | Decreases bookkeeping costs and minimizes time spent reconciling bank statements. |
| Safety | Recognizes inaccuracies, allowing customers to review and make corrections faster. |
| Reliability | Ensures that funds will be available to employees on payday. |
| Convenience | Collects data related to pending payables/receivables and confirms account balances. |
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