SAP Business One Certification Practice Exam

Is a bank reconciliation performed before receiving the bank statement in SAP Business One?

1. True

2. False

3. Only for emergency cases

4. Only with online banking

The correct answer is: False

In SAP Business One, a bank reconciliation is a process that typically takes place after receiving the bank statement. This is because the reconciliation involves comparing the transactions recorded in the company's accounting system with those listed on the bank statement to identify any discrepancies. The bank statement serves as an official record of what the bank recognizes as having occurred with the company's account, including deposits, withdrawals, fees, and interest. Performing a bank reconciliation without the bank statement would be challenging, as it would rely on incomplete information from the company's internal records alone. Hence, it is standard practice to wait for the bank statement to ensure that the reconciliation is accurate and comprehensive. The idea that reconciliations might only be performed in specific situations or with certain banking methods does not align with standard accounting practices. A bank reconciliation should ideally be a routine procedure following the receipt of bank statements to maintain accurate financial records.