Secret To Completeness Of Cash Movements
With Covid pandemic, many businesses have gone virtual via e commerce platform and many staff are Working From Home.
Many Clients are making payments to your company digitally, and gone were the days of clients making Cheque payments.
With Working From Home being the default mode of working, there is no one in your office opening your mail boxes to receive your clients’ cheques.
With you also working from home, you are also making payments digitally to your vendors and your staff.
Hence, when it comes to month end, it is important that your accountant performs bank reconciliations of your bank statements against your ledger cash book.
Accounting for your Cash Payments and Receipts would not be complete without doing Bank Reconciliations, at least on a monthly basis.