Essay Spreadsheets: Bank and Good Accounting Tools

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Spreadsheets are good accounting tools in a lot of aspects because of they are reasonably user friendly and can be made as complex or as simple as the user wants. When using them for bank reconciliations and to track cash inflows and outflows spreadsheets are extremely useful. This is because spreadsheets come with columns and rows to keep inserted information readable and simple to understand. You can use spreadsheets to key in data, calculate equations and also to create charts and graphs.

Performing bank reconciliation is a process that is used to explain the difference between the bank balance that is shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown at a particular point in time in the organization's own accounting records. Any differences that do occur may be due to banking transactions that have not yet been recorded by the organization, checks that have not yet cleared or errors made by the bank or organization. Spreadsheets allow these details to be updated and edited easily and labelled in a way that makes it simple to look back at the data should any confusion occur at a later date. Information that is inputted into a spreadsheet with all of the financial transaction details can be used to compare to a bank statement when it arrives. Any discrepancies in the total amount can be searched for quickly and pinpointed exactly. Providing that the spreadsheet has been kept up to date and accurate it will be obvious

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