4 docs tagged with "Accounting"

Accounting is cycle.

The accounting cycle is a process used to record financial transactions and produce financial statements.

A bank reconciliation statement is a critical step in the accounting cycle that helps ensure the accuracy of a company's financial records. Specifically, it involves comparing the company's internal records of its bank transactions (as recorded in its cash account in the general ledger) with the bank's records of those transactions (as provided in the bank statement).

What routine checks and balances needs to be setup to manage this process optimally?