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NSC | Possible Reasons for Reconciliation Difference

edited May 17, 2024 5:16AM in Accounting / ERP

Bank reconciliation is the process of aligning the information in your cash account records with the corresponding details on a bank statement. The objective is to identify and reconcile any discrepancies between the two sets of data, making adjustments to the financial records as needed. Essentially, reconciling the bank statement helps uncover differences between the bank's records and your books.

In instances where there is a difference, one of the following may have caused it:

  • Transposition error in Ending Statement Balance
  • Transactions that are yet to be entered in NetSuite
  • Transactions that are yet to be reconciled
  • Transactions that were Unreconciled

Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru

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