Re:The Double Entry Counting Method (2016)
by Naga on Sunday September 25, 2022 @10:31AM
(#32971675)
I did mean bank statement, thank you.
I'm aware of how reconciliation works. I'm actually an accountant by trade. $1000 is a trivial transaction of course, but reconciliation becomes challenging when its thousands of transactions per month of differing amounts. If anything, transactions not matching the bank statement is a good way of increasing your audit fees as the auditor struggles to make sense of what your accounting system has recorded.
I'm aware of how reconciliation works. I'm actually an accountant by trade. $1000 is a trivial transaction of course, but reconciliation becomes challenging when its thousands of transactions per month of differing amounts. If anything, transactions not matching the bank statement is a good way of increasing your audit fees as the auditor struggles to make sense of what your accounting system has recorded.