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The cashbook (account) in the company's books reflects all cheques written to suppliers and all cheques received from customers. However, the bank statement balance shows only cheques that have cleared.

So at any date there can be a difference between the cashbook and the bank statement, comprising of cheques issued and/or cheques received but yet to clear and be debited/credited to the bank balance.

There may also be differences due to accounting errors or omissions. In doing a bank reconciliation these differences can be identified and corrected.

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14y ago

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