Account Reconciliation
Account Reconciliation by Each Penny Bookkeeping is a process used to ensure the accuracy and completeness of financial records. It involves comparing the balances in an organization’s general ledger accounts with the corresponding information on their supporting documents such as bank statements, invoices, and other financial documents. The reconciliation process helps identify any discrepancies between the two sets of data and ensures that all transactions are properly accounted for. This process also helps detect errors or fraud and allows for timely corrections to be made. By reconciling accounts regularly, organizations can maintain accurate financial records and ensure proper compliance with applicable laws and regulations.