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Chapter 37. Banking > Reconciling Bank Statements

Reconciling Bank Statements

Each month the bank will provide a statement for the previous month that lists company checks that have cleared and deposits made. The statement will also list any special fees or charges for items such as printing new checks, covering returned checks, renting safe deposit boxes, and so forth. Along with the statement the bank will provide copies of the canceled checks written against the account.

As soon as bank statements come in, they should be double-checked against the company's checkbook records for mistakes and possible fraud. This process is called reconciling or balancing the checkbook. If the duty falls to you, follow these guidelines:


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