The journal entry for bank reconciliation typically involves adjusting the company’s cash account to match the reconciled bank balance. For example, if the bank statement shows a higher balance than the company’s records, increase the cash account by debiting it. Conversely, if the bank balance is lower, decrease the cash account by crediting it to align with the reconciled amount, ensuring accurate financial reporting.
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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.
