Similarly, if customer payment checks on the balance sheet do not match bank records, a cross-check is necessary. Bank reconciliation is a part of the internal control process of a company. As mentioned above, two different documents show the bank balance of a company at the end of a specific period. The company prepares the […]

The COVID-related Tax Relief Act of 2020, enacted in late December 2020, authorized additional payments of up to $600 per adult for eligible individuals and up to $600 for each qualifying child under age 17. The AGI thresholds at which the payments began to be reduced were identical to those under the CARES Act. An […]