What is the primary purpose of bank reconciliation?
What is the primary purpose of bank reconciliation?
Track customer payments
Generate income statements
Calculate depreciation expenses
Ensure recorded balances match the bank statement
3 answers
The primary purpose of bank reconciliation is to ensure that the financial records maintained by an organization match the transactions posted by the bank. This helps to identify any discrepancies, errors, or fraudulent activities, and ultimately ensures the accuracy of financial statements.
ANSWER FROM RESPONSES
Ensure recorded balances match the bank statement