To make a bank reconciliation, start by comparing your business’s financial records with the bank statement to identify any discrepancies. List all outstanding checks and deposits in transit that have not yet cleared the bank, and adjust your records accordingly. Finally, ensure that the adjusted balances of both the bank statement and your records match, resolving any errors or discrepancies to maintain accurate financial records.
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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.
