Accounting Reconciliation: What It Is, How to Do It, and Best Practices
This helps preserve the integrity of financial statements and identifies errors or fraudulent activities. For example, while performing an account reconciliation for a cash account, it may be noted that the general ledger balance is $249,000. Still, the supporting documentation (i.e., a bank statement) says the bank account has a balance of $249,900. For example, …
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