Finance and accounting teams in an organisation usually execute the following steps to prepare a bank reconciliation statement:
Step 1: Compare the bank statement with the general ledger
Step 2: Adjust the general ledger
Step 3: Adjust the cash balance
Step 4: Compare the balances and Add Journal Entries if Required
What Are Common Problems with Bank Reconciliations?
Businesses may encounter some challenges while performing bank reconciliations. If the reconciliation is infrequent, it will be tougher to address problems when they arise, as the required information may not be readily available. Furthermore, the possibility of a mismatch emerges when transactions are not recorded promptly and when bank fees and charges apply. You can easily navigate such challenges by hiring the best accounting firms in Dubai, UAE.
