Post by MS INYOFU (@theconscience)

ACCOUNTING HINT (TODAY)

Mistake: Assuming bank balance equals cashbook balance

Correct: Perform monthly bank reconciliation

Example:
Cashbook N500,000
Bank N470,000
Difference = charges N20,000 + unpresented cheque N10,000

Why: Identifies missing entries and errors

Do you reconcile your bank monthly?

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