Special thanks to Kent's CPA firm in south Orlando for sending in this tidbit about bank reconciliation.
There are two records of a company's cash: its cash account in the general ledger and the bank statement. The two balances are rarely in agreement and require a competent CPA firm to help.
The bank statement: This monthly statement mailed by the bank to the business indicates what the business has in its cash account.
The general ledger: This records the day-to-day transactions of the business.
According to the south Orlando accountants, reasons for discrepancies include:
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