Which of the following is a benefit of online banking a business can reconcile to the banks balance at any time be a companies book balance will always equal the banks balance see the bank reconciliation is not necessary D the business can reduce their internal controls over cash receipts

Certainly! Here's a detailed information on bank reconciliation presented in table format: Bank Reconciliation Information: Key Components Definition Purpose Frequency Steps in Bank Reconciliation Common Adjustments Importance of Bank Reconciliation Explanation. Bank reconciliation is a process that compares the cash balance in a company's accounting records with the balance in its bank statement. - Identify discrepancies between the company's records and the bank statement. - Ensure accuracy and completeness of financial records. Detect errors, fraud, or unauthorized transactions. Typically performed monthly, but can be more frequent for larger transactions or to catch discrepancies early. 1. Start with the ending balance of the bank statement. 2. Add deposits in transit (deposits made but not yet recorded by the bank). 3. Deduct outstanding checks (checks written but not yet cleared by the bank). 4. Add or deduct bank errors (errors made by the bank in recording transactions). 5.…

When setting up corporate credit cards, why is it recommended that the parent account not be connected to bank feeds? o The parent credit card account cannot be reconciled if the bank feed is connected to it o QuickBooks Online does not allow parent accounts to have bank feed connections o If the parent account is connected to bank feeds its sub-accounts cannot be connected to the bank o It will create duplicate transactions

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