This monthly report is critical and important. This is where the cheques being issued daily by entrepreneurs are monitored. Their deposits and releases of cheques are recorded for updates and changes.
The "Reconciliation statement" in this process refers to the agreement about the bank statement balance and the cheque book balance. It is important for it keeps the company's financial statements clear and up to date. Through this, the business owner will have the knowledge of how well his company is doing or how much it is lacking in success.
Since my mom have worked in a bank as an executive accountant before concentrating on being a freelance lawyer, I was taught of these things back in high school. We have small businesses as well and we are currently being guided towards managing these in the future (together with my brother).
Having this lesson actually makes me happy for it gives me a background of the things that I need to be learning.
Checked by : Prof. Crisencio Paner
Looks like you'll be breezing through our Business Math class, since you've already learned so much from your mom and your small business. :)
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