![]() ![]() Note: For example, a reconciliation made on 31st March, should be viewable even in August, by when almost all the cheques would have subsequently been marked Reconciled. However, it is not a real-time task, meaning auditors do not do it on the first day of the next year. The Bank Reconciliation is one of the pre-requisites of auditing and verification of the correctness of accounts at the year end. This is of crucial importance in Auditing. This means that when there is a need to check back later, whether the entry made is correct or not, the bank statement of 19th April needs to be viewed for verification. For instance, if a cheque is issued on 8th April and the bank clears it on 19th April, the Bank Date for the voucher can be set to 19th April. TallyPrime uses Bank Date to mark the voucher. In TallyPrime, Reconciliation of Bank Books facilitates the following: Reconciling the company’s bank books with the banker’s statement is a regular task of accounting. Bank reconciliation in TallyPrime is a process that explains the difference between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own records at a particular point of time.
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