"outstanding checks, deposits in transit, deductions for bank fees, additions for interest, and errors are all factors that can cause the bank statement balance for a checking account to be different from the company's checking account balance."

The correct answer is True.

Explanation:

The bank reconciliations are not intended to match the balances of banks that the company has registered with those of the extracts of those accounts. Its purpose, on the contrary, is to clearly identify what has generated the difference.

There are a number of causes that are usually the reason for that difference, and that we must take into account when making bank reconciliations:

Normally, checks are recorded in the records when they are issued, and not when they are cashed. Therefore, it is usually a cause of carelessness when there is a check that has not yet been cleared by the beneficiary. The opposite would be the provisions recorded in the auxiliary books that the bank has not yet paid to the company's account.

The debit notes that the bank has loaded into the company's account, or credit notes that the bank has paid, and that have not yet been registered in its assistant are a source of errors as well. This can happen, for example, if we have domiciled a tax, such as the IBI, which we have been charged but we have not yet included in the records, or an advance payment from a client to whom we have not yet issued the invoice.

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