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 filing said Village failed to file operating reports and provide bank reconciliation records.
The day before the fire, Fetter arrived unannounced at the credit union and requested to see bank reconciliation documents.
In Kirinyaga County, the auditor's report indicates that the county assembly had entered into an agreement with Fortune Sacoo as the administrator of the Sh150 million fund, but lacked books of accounts like loan registers and bank reconciliation statements.
The new features unveiled today deliver the global financial capabilities to allow businesses to gain greater financial control over intercompany accounting across multiple jurisdiction countries, improve auditing processes, reduce financial close time, and provide businesses with an exceptional experience when conducting bank reconciliation.
Hamas urged the West Bank reconciliation government to head to the Strip to "practice its duties immediately" amid the Cairo 2011 agreement to launch public elections.
The overarching goal was to solve the critical bank reconciliation problem.
The Nolan solutions provide advanced functionality for Microsoft Dynamics GP, specializing in streamlining the bank reconciliation process and intercompany transactions.
Cloud software and smartphone/ tablet applications packages like Xero offer a multifunction service including bookkeeping, invoicing, bank reconciliation and payments online," Mr Owens said.
Moreover, through this professional, the customers can avail bank reconciliation, along with accrual posting and prepaid expenses.
If two or more employees have conspired to conceal fraud, detecting it can be extremely difficult, whether the engagement is an audit, a bank reconciliation, or a tax return preparation.
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.