To conduct a bank reconciliation, first, gather the company’s records, including bank statements and transaction records. Then, compare each transaction listed in the bank statement with the corresponding entries in the company’s records, noting any discrepancies. Finally, adjust the records to reflect accurate balances by reconciling outstanding checks, deposits in transit, bank fees, and any other differences, ensuring consistency between the company’s financial 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 Autonomous O2C 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.
