Bank reconciliation statement must be prepared after each accounting period that is normally monthly. Wooden will keep businesses in the right track as far as cash records are concerned and enable one to spot irregularities promptly. When this is done occasionally, the mistakes may pile up and be difficult to remove. Internal audits are also supported with a timely bank reconciliation statement and they help to prevent fraud. The reconciliation statements are prepared by many businesses soon after receiving the bank statement so that all the transactions are checked when the details are still new.

Visit us: https://accountingbyte.com/bank-reconciliation/