Examples of bank reconciliation include: (1) Matching deposits and withdrawals recorded in a company’s accounting system with those in the bank statement to ensure consistency. (2) Identifying outstanding checks or deposits in transit that haven’t yet cleared the bank, adjusting the records accordingly. (3) Rectifying discrepancies such as bank fees, interest earned, or errors in recording transactions to reconcile the balance between the company’s records and the bank statement.
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Emagia is a leading provider of AI-powered Order-to-Cash (O2C) automation platform that modernizes finance operations for midsize to large global businesses. Many global businesses and shared service centers use Emagia’s Enterprise Receivables Management System to transform to digital world-class operations in credit, invoicing and payments, receivables, collections, deductions, cash application and cash forecasting. Emagia solutions improve their customers DSO, cash flow, credit risk, operational cost, compliance and profitability.
