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The purpose of bank reconciliation is to ensure that cash balances in your books and the cash balance in your bank are reconciled. To ensure that all cash transactions are reconciled on a daily or monthly basis.
Due to Bank Reconciliation we can check and fine out our difference with cash Book and Bank Book, we can check our bank transation's
Dear bank reconciliation shows the Cash position of your company.
So, if you want to know that all company cash transaction are accordingly.Then you need to reconcile both books. If you do so, you can be able to know where is your company standing and how you will use your cash according to your decision.
By adding to your question, I would like to tell very interesting that fraud of cash or manipulating of cash can easily be traced by any organization.
I hope this is the answer of the question.
Thanks
reconciliation is important because every company needs to ensure that its recorded cash balance is correct. A daily/monthly reconciliation may also be necessary if you suspect that someone is fraudulently withdrawing cash from the bank account.
