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A client contacted us with a question and a request to communicate with his bank to accurately reconcile his payments with his purchases.

He was positive that the bank statement was misstated, and that the bank did not include some payments made to his vendors. The client asked us to verify it and find a solution. While extensively examining the case, we found that the bank statements did not include some of the payments to vendors. At the same time, in the bookkeeping, all the payments were recorded. 
One of the reasons for incorrect reconciliation of a client’s payments and purchases might be a lack of essential elements required for an accountant to complete the competent financial report. If your accountant does not provide you with a list of client requested documents, CPV Corporate advises you to demand the list before cooperating with an accountant. 


We also identified some transfers to other banks that were believed to be related to the owner or other company bank accounts.

Still, it was recorded as payment to vendors in the bookkeeping. We then decided to request a bank balance confirmation letter to confirm and reconcile his bank account balance. When our team received the bank's response, it appeared that the client hadn’t provided us with all the bank statements. 

Further investigation showed that he had another two bank accounts with a different bank. Therefore, we asked the client to provide us with the missing bank statements from the other two bank accounts. Following a complex analysis, our team of accountants found that vendors were overestimating balances taking advantage of the fact that the client hadn’t provided them with all the payment confirmations as evidence. At the end of the investigative process of all the creditors’ details and banks, we corrected the gaps and provided the client with a competent financial report.


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