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Pages:
1 page/β‰ˆ275 words
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Subject:
Accounting, Finance, SPSS
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Essay
Language:
English (U.S.)
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Topic:

Reconciling Bank Statements

Essay Instructions:

At least 300 words.
Your cousin works in the accounting department of his Company. You are at a family get together and he says he hates this part of his job where he has to reconcile the bank statements every month. He says “I don’t understand why this is necessary. Almost all our customers pay online and the bank tracks all the ins and outs of the cash in the account. I think these bank reconciliations are a waste of time!” You think that you don’t really reconcile your checking account every month, so maybe he’s right?

Essay Sample Content Preview:

Reconciling Bank Statements
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Reconciling Bank Statements
The process of reconciling bank statements is aimed at ensuring that the bank records of a company are accurate. Although most payments are made online, and the company has mechanisms to track what goes in and out of the accounts, there are still some important reasons for reconciling bank statements. The cousin noted that almost all customers make online payments. That denotes that there are other customers who pay through other means. At the end of the month, there may be customer deposits that are still in transit or even checks that are yet to be cashed. Reconciliation would help identify these transactions and follow up on them.
Secondly, although the bank has elaborate mechanisms to monitor cash infl...
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