Even though using bookkeeping software will help with performing the bank reconciliation, it’s still important to have an understanding of how to balance the check register. Allowing the cash general ledger to go unchecked can result in inaccurate asset accounts. Performing routine bank reconciliations ensures the accuracy of the cash asset account.
Cash Asset Management and Bank Reconciliation
The bank reconciliation ensures the accuracy of the cash general ledger account. Just like performing a physical inventory count ensures the accuracy of the inventory, balancing the check register ensures that the cash account is correct. The bank reconciliation is normally performed once a month, usually when the bank statement is received.
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