Why Is Bank Account Reconciliation Required?
Account reconciliation or balancing bank accounts is representing vital financial management task. You improvise on the correctness of your bookkeeping assuring that bank haven’t made any errors, and by regularly reconciling your records you reduce your chances of being a victim of fraudulent transactions. Bank Account Reconciliation Problem At times reconciling a personal or corporation bank account with Microsoft Money can be frightening. If a comparative study between your records and the balance in your bank account and its records show inconsistency. Reconciling a bank account would just explain you the difference between your records and the bank’s. Missing Transactions Usually two factors explaining the discrepancy between two sets of records are: your unrecorded transactions in your account that has been recorded by the bank could be for reasons like either the transactions that you have missed to record or bank fees transactions or interest that you did not realize to include
