To produce a bank reconciliation statement, start by comparing the bank statement with the company’s ledger to identify any discrepancies between the two records. Adjust the company’s cash balance for any outstanding checks, deposits in transit, and bank fees or interest not yet recorded in the ledger. Finally, ensure that the adjusted bank statement balance matches the adjusted ledger balance, confirming that all transactions have been accurately accounted for.
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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.
