![]() The opposite is true for outstanding expense transactions. If there are several outstanding deposits that were entered in error, it appears there is more money available to spend – which could lead to overspending and overdraft fees. This could, potentially, grossly overstate income or expenses. Why is it important to take a deeper look into these transactions? Many times, transactions are duplicated or entered under an incorrect bank account. An often overlooked concern are the outstanding transactions still hanging out there after reconciling. Missing transactions such as electronic payments, potential fraud instances, and irregular register balances are a few key problems that a reconciliation can bring to light. ![]() Reconciling bank accounts helps to identify old/uncleared items that otherwise may go unnoticed.
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