bank reconciliation


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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 ?
The company has consolidated the Exchequer finance software into its CRM and eCommerce platforms in order to manage projected annual sales growth of 50% and streamline cash collection and bank reconciliation procedures.
Cloud software and smartphone/ tablet applications packages like Xero offer a multifunction service including bookkeeping, invoicing, bank reconciliation and payments online," Mr Owens said.
This course serves as an introduction to computerised bookkeeping using Sage Line 50, it is a ten week course learning the basics of computerised bookkeeping including inputting sales invoices, purchase invoices and credit notes, making bank payments, receiving bank receipts and preparing bank reconciliation.
Such a solution ensures efficient and seamless processing of payments, eliminates paper-based bank reconciliation, and reduces overall accounts payables and receivables costs.
Revenue functions that should be segregated are approval of customers and sales, billing, accounts receivable recording, opening the mail, receipting, cash receipt journal recording, depositing and bank reconciliation.
Sample Monthly Bank Reconciliation Statement (Reconciled bank statement with cash receipts and disbursements journal)
Other new features include improved bank reconciliation, more efficient check printing, and the ability to inactivate multiple vendor records.
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.
Signing checks and going over the bank reconciliation should not require a major time investment.
Another new feature is the Bank Reconciliation Process, which performs all banking functions, from reconciling checks and deposits to fees and other transactions on the bank statement.
Bank reconciliation - the process by which differences contained in bank statements and the cash accounts are settled - had not taken place.
4 Have a copy of the bank reconciliation distributed with the monthly internal financial statements.