Question

The reconciliations should be
undertaken on an individual till by till
basis rather than in aggregate and
any discrepancies noted should be
investigated immediately.​

Answer 1

Answer:

When you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.