UK Accounting Glossary
This refers to comparing the business’ bank balance with a bank statement to spot differences.
A bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.
She was responsible for cash, and bank reconciliation.
Preparing bank reconciliation reports and cash reports.
Their role was to prepare bank reconciliation statements for approval by the Financial Directors.
The employee responsible for the bank reconciliation has identified a number of questionable items.
To perform daily work effectively, such as payment, report, bank reconciliation, etc.
Please provide true certified copies of the required documents, alongside a statement of bank reconciliation.
The software also includes a bank reconciliation feature that can reconcile up to six different bank accounts.
Assets = Liabilities + Equity to the corresponding amount on its bank statement. Reconciling the two accounts helps determine if accounting changes are needed. Bank reconciliations are completed at regular intervals to ensure that the company’s cash records are correct.
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This glossary post was last updated: 26th December 2018.