Question

Which of the following would not affect bank reconciliation?

Q: Answer-Which of the following would not affect bank reconciliation?

Bank reconciliation is a process that compares a companys financial records to its bank statement to ensure that the balances match. It involves matching the transactions recorded in the companys books, such as deposits, withdrawals, and payments, with those on the bank statement. Two broad terms cover up major challenges due to which differences may appear Errors a bank or a business make Time difference in recording an entry like Cheques issued by the bank but not yet presented for payment, Cheques paid but not collected, direct debits made by bank, interests collected by bank, etc. Discount received does not effect the bank or cash in any manner hence it shall not effect bank reconciliation.