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What is the main purpose of bank reconciliation ?

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Question added by Nadjib RABAHI , Freelancer , My own account
Date Posted: 2016/04/08
Nomohd habeeb
by Nomohd habeeb , account clerk , Qatar Securities Company

bank reconciliation main use to our incoming and expenses transaction show and laser maintain for each month    

Abdelfattah mohamed hassan Abdelhafez
by Abdelfattah mohamed hassan Abdelhafez , مدير عام ببنك القاهرة بالمعاش حاليا , بنك القاهرة - المركز الرئيسي

 

 Thanks for the invitation

 

 

I apologized for any errors in translation

 

- Avoid banks to freeze the proportion of money banks as a result of inability or reluctance to customers to pay premiums and accrued interest, which leads to the exposure of the banking system (banks) to significant losses is the loss of yieldopportunity to invest that money in more profitable areas - Avoid reducing the banks' turnover, which leads to lower operational capacity of the resources of the banks and then the low profitability and the negative effects on the productive apparatus and national economy

Thanks for the invitation

Wait answer experts in banking industry

 

With my best wishes to you

Leverne Joseph
by Leverne Joseph , BOOKKEEPER , Moolman Group Property Management (Pty) Ltd

To determine income and expenses of the company, as well as to compare the amounts shown on the bank statement matches the  data suplied on the company's system. 

MUHAMMED SHAMEEM CPP CIPS
by MUHAMMED SHAMEEM CPP CIPS , Senior Procurement Officer , Power International Holding

Dears , 

A bank reconciliation is used to compare your records to those of your bank, to see if there are any differences between these two sets of records for your cash transactions. The ending balance of your version of the cash records is known as the book balance, while the bank's version is called the bank balance .

Best Regards .

KAMRAN ALI
by KAMRAN ALI , Accountant , AAA TEXCHEM INTERNATIONAL LIMITED

The main purpose of bank reconciliation is to identify error in accounting record of the company or the bank. Moreover, cash is the most valuable current asset of any company or entity, bank reconciliation provides necessary control mechanism to help protecting the valuable resource such as unauthorized withdrawals from bank. In addition, monthly preparation of bank reconciliation ensures regular monitoring of cash flow of company.

     

Alaa Badran
by Alaa Badran , Managing Partner , Pegasus Consulting & Research

To make sure all bank transactions are regularly recorded, hence allowing more control.

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