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Importance of Bank Reconciliation Statement states as below,
1,BRS is an important tool for internal control over both admin & accounting
2,It helps to detect many discrepancies and irregularities in financial transactions
3,Proper bank reconciliations is the first and foremost tool to detect and control fraud.
because, to reconcile/match our books with bank statement, for example, any hidden charges, fees, taxes charged by bank to us
Bank reconciliation is important due to several reasons
1. It will help us identify the errors and lead us to immediate solution to the problem
2. It will provided great help in maintaining a clean record of all the accounts
3. It sustains a healthy and error-free accounting process
4. It will help us avoid anticipated problems especially customer complaints
to make assure that the bank balance in company ledgers is equal to company balance in b bank
Thanks
There are at least four reasons:
a) to detect mistakes
b) to deter carelessness
c) to detect fraud
d) to deter fraud
Some would add that there is a fifth reason - to make the rest of your job seem less boring by comparison......
