When you compare the general ledger or bank account transactions report with the bank statement -

Question

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When comparing the general ledger or bank account transactions report with the bank statement, both records should reveal a balanced position, meaning that the beginning balance plus deposits minus withdrawals should equal the ending balance on both records. The other options are not necessarily always true, as not all deposits may be recorded on the bank statement, interest and fees may need to be reconciled, and not all issued cheques may have been cashed by the bank yet.

When You Compare the General Ledger or Bank Account Transactions