What is the process of ensuring that the company's records are consistent with the bank's records?

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Bank reconciliation is the process of comparing the company's records of its cash balance to the balance reported by the bank to verify that they are consistent. This involves identifying any differences or discrepancies between the two records and adjusting them accordingly. Double-entry accounting is a method of recording transactions that ensures that debits and credits are equal and correctly recorded in the company's financial statements. The accounting cycle is a series of steps involved in recording and processing financial transactions. Journal entries are the first step in the accounting cycle, where transactions are recorded in the company's general ledger. While all of these concepts are important in maintaining accurate financial records, only bank reconciliation specifically addresses the process of ensuring consistency between the company's records and the bank's records.

What Is the Process of Ensuring That the Company's Records