A bank reconciliation statement is prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date. This bank statement is the most common tool that is used by organizations for reconciling the balance as per books of company with the bank statement and is made at the end of every month. The main objective of reconciliation is to ascertain if the discrepancy is due to error rather than timing.
• Faster processing
• Requirement of less manpower
• Easy identification of errors