What is the procedure for performing a bank reconciliation?

Question: What is the procedure for performing a bank reconciliation?

To perform a bank reconciliation, you need to compare the balances in your company's accounting records with the balances shown on your bank statement. You should start by comparing the ending balance on your bank statement with the ending balance in your accounting records, and then make adjustments for any outstanding checks, deposits in transit, bank fees, or other discrepancies. Once you have made all necessary adjustments, you should be able to reconcile the two balances and ensure that they match.

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