Good-Guy
VIP Contributor
Many businesses have their own bank accounts and business owners usually title the name of the account with the name of their business and the bank account balance becomes the main source of transactions and cash flow of a business when it comes to paying salaries, expenses, or paying customers. On the other hand, financial statements are also prepared by the corporations to keep a proper record of payments, expenses, income, etc. Every thing would go smooth until the bank statement suddenly becomes inconsistent with the financial statements of company. The bigger the business becomes, the more difficult it becomes to trace and reconcile the difference between the two records. So, if you ever get into such a situation, what would you do to reconcile the two things?