Bank reconciliation explained by small business accountants in Sydney
Bank reconciliation is process where the company’s records are checked to make sure they are correct, while also ensuring the bank’s records are correct. Our small business accountants in Sydney will go into the further detail about bank reconciliation.
A company’s general account contains a record of the transactions that involve its checking accounts. In the mean time, the bank also creates a record the company’s checking account when it processes their checks, deposits, services and other items. This statement normally gets mailed to the company at the end of each month and lists the activity of that account throughout the month.
The bank reconciliation occurs when, these records are compared with the company’s own given records at the time and the benefits include knowing how and what the company’s money is spent throughout the month. Our small business accountants are trained to tackle any situation.
Feel free to contact our small business accountants in Sydney for any advice.