From the course: MYOB AccountRight Essential Training

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Overview of reconciling cheque accounts

Overview of reconciling cheque accounts - AccountRight Tutorial

From the course: MYOB AccountRight Essential Training

Overview of reconciling cheque accounts

The purpose of a bank reconciliation is to reconcile or match the business accounting records with the bank accounting records. This process should reveal any errors in either the business, the computer records, or the bank accounting records, the bank statement. The bank statement may be different to the business records. However, because of the time delay involved in the processing of checks and even deposits. The frequency of preparation of a bank reconciliation statement varies depending on the size of business. At the very least, this process should be completed at the end of each month. Carol processes this process at the end of each month. The bank statement may include bank charges and interest earned, but has not yet been included in the business records. These transactions must be entered into the data file. Another task that needs to be completed prior to the beginning of a reconciliation, is to clear any funds within the Undeposited Funds account into the regular check…

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