One of the most important steps that you can take to ensure complete and accurate recording of your financial transactions is to reconcile your cash accounts on a monthly basis. This not only helps in uncovering mistakes you may have made in your recordkeeping, but it can also reveal errors made by your financial institution that require timely notification in order to make corrections. Keep in mind that errors divisible by 9 indicate a transposition error – for example, you recorded a deposit as $51 but your bank statement reflects the addition to cash as $15. Your bank reconciliation would show a difference of $36 between the cash balance per your records and the cash balance on your bank statement. If you don’t detect and correct errors in your accounting records, it can cost you money unnecessarily.