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 ?
According to the COA, 'The bank reconciliation statements (BRS) as of June 30, 2018 showed that deposits of P24,680,229.03 and withdrawals of P55,041.01 were unrecorded due to non-submission by the City Treasurer's Office of source documents to the City Accountant's Office, and system error.'
This first-of-its-kind comprehensive digital platform for businesses enables them to experience the convenience of a range of services completely digitally instant overdraft facility (upto Rs 15 lakh) & business loans, easy bulk collection & payments of funds through multiple digital modes, automatic bank reconciliation and undertake largely all of the export-import transactions like inward and outward remittances among others.
Accounting officers are to ensure that bank reconciliation statements are completed and submitted to the National Treasury, with a copy to the Auditor General not later than 10th of the subsequent month.
It contains basic feature such as sale/purchase/cash ledger, inventory management, supplier/customer masters, generation of invoices, preparation of GST returns for free, while for services like bank reconciliation, account receivable would be chargeable.
VersaPay Corporation (TSXV: VPY) has announced it has launched a new module on the ARC platform that offers enhanced cash application and bank reconciliation capabilities powered Cashbook, the company said.
Full eBanking suite with electronic bank reconciliation, direct deposit and safe pay.
In addition to VAT filing, SMB customers will also enjoy other free services: archiving of documents for five years, cloud-based financial accounting software, filing of VAT return, cash flow management, balance sheet, profit and loss, access to a VAT help desk, bank reconciliation, import/export activities, VAT registration, and four free accountant's visits per month at customer premises.
Additionally, the end of year bank reconciliation statement did not explain the differences observed,'
The government will continue enhancing transparency in the budget process, strengthening the medium-term budgetary framework and cash management, and routinizing bank reconciliation.
The filing said Village failed to file operating reports and provide bank reconciliation records.
Dyer told fire and police investigators he was at the credit union with Fetter because of "concerns about potential financial irregularities." The day before the fire, Fetter arrived unannounced at the credit union and requested to see bank reconciliation documents.