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 ?
Daily bank reconciliations are performed to ensure that transactions within Softheon's system successfully match up to funds deposited into clients' custodial accounts, both through lockbox and merchant service processing channels.
Copy of Bank Statements & Bank Reconciliations will be provided by OHA d.
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.
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.
You should perform regular bank reconciliations so you know what cash you have available to pay out and what is due in.
Insist that bank reconciliations are completed on a timely basis and accurately reflect the proper book and bank balances.
Timely bank reconciliations are a fundamental financial control for any organisation, and any postponement decision should certainly have been communicated promptly to the Accounting Officer.
The accounting functions of receipting, posting accounts receivable, preparing deposits, posting deposits, opening and reviewing the bank statements and preparing the bank reconciliations should all be segregated among different individuals.