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Bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.
Reconciliation helps to identify any discrepancies such as unrecorded deposits or withdrawals, bank fees, or errors in the records. This process is typically done at regular intervals determined by the business's operational needs and the nature of its transactions. Regular bank reconciliation ensures accurate financial reporting and helps to detect and prevent fraud or accounting errors.
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