Why It's Important To Prepare A Bank Reconciliation Statement At The End Of Accounting Year?
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A Bank reconciliation statement allows a person to compare their personal bank account record with the bank record of his account. This is done so that any possible discrepancies are removed.
It is very important to prepare this statement. This is because there are time differences between the time when data is entered in bank system and when it is entered on the individual's system. This can create difference between account balance. Reconciliation statement determines whether the discrepancy is because of error or time difference.
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