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maks197457
1 month ago
10

What are 3 important reasons to reconcile bank and credit card accounts at set dates?

Business
1 answer:
marusya05 [3.6K]1 month ago
8 0

Answer:

a) To confirm that transactions are assigned the correct dates.

c) To ensure that all transactions have been recorded for the specified timeframe.

d) To check that previously reconciled transactions remain unchanged since the last reconciliation.

Explanation:

Reconciling bank and credit card statements is crucial for several reasons:

To ascertain that the transactions are dated accurately. This is key to prevent fraud and guarantee accurate transaction records.

To make certain that every transaction during the period has been captured. This ensures that the balance shown on the card corresponds to actual activities during the timeframe.

To verify that transactions previously reconciled have not been altered. This is important to avoid unexpected charges that cannot be traced.

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