bank reconciliation

(redirected from Bank Reconciliations)

Bank Reconciliation

The act or process of recording transactions that have occurred since one received one's bank statement in order to arrive at an accurate account balance. For example, if one spent $1,200 between bank statements, bank reconciliation involves recording those transactions so that they add up to $1,200.

bank reconciliation

the process of reconciling an individual's or business's CASH ACCOUNT records of receipts and payments with the BANK STATEMENT record of receipts and payments. These two need not coincide exactly since cheques drawn and received but not yet banked do not appear on the bank statement until a later date.
References in periodicals archive ?
She started her career with the city in the finance department as an internal auditor preparing bank reconciliations and maintaining asset records.
The solution will be used for all of the companys commercial and multifamily products, complex participations and investor structures, and will automate key processes such as remittances, bank reconciliations, year-end reporting, and executive dashboards.
BANKING AND CREDIT NEWS-January 9, 2017-TECOM Group launches automated bank reconciliations
Small businesses using Xero's online accounting software can conclude bank reconciliations and other transactions easier with the new arrangement in place.
She is known for preparing bank reconciliations along with the annual budget packages.
Bank reconciliations seldom balance on the first try; there are almost always reconciling differences.
She has 18 years' experience in managing trust funds, bank reconciliations, W-2s, employee deductions'' and more, he said.
You will have a thorough understanding of double entry bookkeeping and will be confident dealing with month-end accruals and prepayments, VAT VA returns, bank reconciliations and the production of accounts to tight deadlines.
Further financial information, like bank reconciliations and creditors' balances, was monitored on a daily basis via spreadsheets.
The accounting clerk found the unopened BB&K bank statements with the bank reconciliation file (containing the previous bank reconciliations) on top of the accounting manager's desk.
All treasury payments and 95% of vendor payments are now automated, along with a majority of receivables reconciliations and 95% of bank reconciliations.
He is working under the wing of Gordon Brown's accounts manager Vicky Richardson, assisting with the accounts, invoicing and bank reconciliations on a day-to-day basis.