Define Reconciliation
In your terms Reconciliation is defined as?
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You must record in your cash books all amounts you actually received and about the payments you actually made. As the cash books may be incomplete your bank may have put extra transactions through your account like:
1) Interest charges on the Bank fees.2) Direct payments of debits and direct receipts of credits.
By doing regular bank reconciliation it allows:
1) Take into account if any extra transactions one’s bank puts through one’s account2) Check and record any omissions or errors.
By frequently doing bank reconciliation (monthly) you can be more self-assured that your records include all the information you need to prepare your income tax return and activity statements.
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