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Bank reconciliation is the
process of matching figures from the bank statement to those in the
accounting records. This process is used as a control to uncover any
possible discrepancies and can detect or prevent fraud. A bank
reconciliation is also a very important part of your cash control
procedures as it verifies the amount of cash you have in your chequing
account - avoiding overdraft or NSF cheques.
Our bookkeeping process
includes reconciling all bank statements, line of credit, credit cards,
and merchant accounts (Visa, MasterCard, Amex, PayPal). This ensures
that all transactions are accounted for in your books. Statements are
reconciled monthly and provides reassurance that there are no errors in
your financial reports.
We look after preparing
a list of deposits in transit, listing outstanding cheques that have not
yet cleared the bank, record bank charges or credits, and calculate the
cash balance.
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