After preparing a bank reconciliation, the collection of a note by the bank on company's behalf would be recorded with a credit to notes receivable. A bank reconciliation is process of comparing the balances of cash accounts as recorded in an entity's accounting records to the relevant data on a bank statement.
Finding the differences between two and recording any necessary adjustments to accounting records are the objectives of process. Information on the bank statement is bank's record of all transactions affecting company's bank account over the previous month. Bank reconciliation should be performed on regular basis for bank accounts.
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