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Bank Reconciliation

The Bank Account balance in Big Red Cloud will not usually correspond with the balance on a Bank Statement or when the account is checked online.  This is due to Outstanding Items.  These are items which are part of your records but have not yet appeared in the bank’s records or items recorded by the bank such as interest or bank charges which have not yet been entered into Big Red Cloud.

It is important to check the bank statement against your own records and account for any discrepancies.

The process of accounting for discrepancies between the two balances is called Bank Reconciliation.

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